Market Insights

[theme music] >> Hello, I'm Greg Bonnell. Welcome to MoneyTalk Live, brought to you by TD Direct Investing.

coming up on today's show, we are going to hear from TD Asset Management Justin Flowerday on whether market leadership is shifting away from big tech and, if so, where is it going? Damian Fernandes is going to give us his view on whether corporate earnings are strong enough to support valuations while markets of the border hit new highs, and Rannella Billy-Ochieng from TD Economics will break down this week's Fed rate decision. Plus in today's WebBroker education segment, Caitlin Cormier's Gwen shows how you can keep track of financial goals using the platform.

Before he gets all that, let's get you an update on the markets. I want to check in on the TSX Composite Index and see how we are faring. We are down 150 points, a little shy of three quarters of a percent.

Among the most actively traded names and some of the noted movers are telecom stocks taking a step back. I showed you tell us yesterday. BCE today down 1 1/2%.

I do want to show you some green on the screen because there is a bit. Obviously, tech continues to dominate headlines on the side of the border. At $92.66, Shopify's up a little more than 4%. South of the border, it was a big week with the S&P 500 and NASDAQ hitting you all-time highs, we had a fit decision and inflation report, we will break that down in just a few moments with my colleague Anthony Okolie.

The S&P 500 is down about one quarter of a percent. The tech heavy NASDAQ, let's it was happening there.

Pretty much in line with the broader market, down 49 points or one quarter of a percent. And Nvidia, some talk about tech rebalancing today.

Not seeing all that much movement. $130 and change, your up a modest three quarters of a percent on that one and that is your market update.

As we said, big week for investors with new highs hit earlier in the week south of the border, we had inflation, we had the Fed. MoneyTalk's Anthony Okolie, of course, was tracking the stories all week and he joins us now to help us break it down.

>> Yeah, I think the big question was leading into the fed rate decision is is inflation cooling enough for them to perhaps pencil in another rate cut?

We got numbers ahead of that, headlined the US came in lower than expected. More importantly, core inflation cooled to its mildest gain since 2021, sweating that gave markets a lot of hope coming into the Fed rate decision. They knew that the Fed would hold interest rates but it's looking down the road, will they pencil and another rate cut?

>> We had a bit of euphoria in the market in the morning based off that inflation print coming in cooler than expect. Jerome Powell struck me as, he's a central banker so the language is neutral, but he struck me as being very neutral. Not getting too excited about that one report and basically saying, we are not ready just yet.

>> Exactly.

During the press conference, he noted that, look, right now, inflation remains far too high. They need to have greater confidence before lowering that monetary policy.

That remains to be seen in the coming months. He said that the data will light the way.

They will continue to be data dependent despite the fact that we have seen this one month of cooling inflation.

>> Of course, that was Wednesday, you are a busy man that day. You are on the show at noon breaking down the inflation report and then right after that that decision at 2 PM, you had to break down the fed decision.

>> Yes.

I spoke with Rannella Billy-Ochieng with TD economics about her take on the Fed's decision. Take a listen.

>> I think overall we were expecting the Fed to dial back the actual cut in the rate, the interest rate.

I think for us, if we look at the details of the messaging that they released today, we would see a few things.

On one hand, they acknowledge that we're seeing progress on the inflation fight, and that's something to be celebrated.

But on the other hand, they remain a bit cautious because, granted, if you look at the inflation reading over the last four months, we had some up and downs. So earlier in the year, we saw inflation being very, very sticky, whereas the inflation print for this month actually came in better than expected, with a flat reading.

So I think the Fed is not convinced that we are where we need to be in terms of inflation progressing.

So that calls for some caution and for them to actually push back from moving from three rate cuts to something like one.

>> OK. And you mentioned we did see an acceleration in inflation earlier in the year.

This is just one print that we just saw.

Given that print, and the stronger-than-expected US jobs data that we saw recently as well, is there a possibility that the Fed may not cut interest rates at all this year?

>> So we think that's a possibility. But at the end of the day, we have to acknowledge the balance of risk. And risk exists on both sides.

And that's actually something that the Fed was clear to point out when they were doing their press conference today.

So I think if you look at the jobs market data, we know that employment growth has been strong.

And that's something we cannot necessarily deny.

But if you take a longer-term posture, relative to the beginning of last year, whereas payroll employment was averaging 250,000 in May, beginning of last year, there were something closer to 290.

So we are still seeing some deceleration, but it's happening slowly.

So I think the Fed is going to play the cautious game, moving very slowly and reacting to the evolution of the data.

Is there a risk that they wouldn't cut?

That's a risk.

But so far, we're encouraged to be optimistic, because if you actually drill down within the details-- for example, if you look at hiring and things like job-switching, you actually see evidence of cooling.

And it's actually showing up on the wage pressures for people who switch jobs.

That's actually down about 2.1 percentage points. And these are things that really matter.

On the other hand, if you actually look at the breadth of hiring, the diffusion index shows that the breadth of hiring, actually, if you look at a six-month average, that's actually coming down.

It's moving slow, and that really argues for the Fed to be cautious, but it's still coming down. So we think that, given the language that the Fed used today, by acknowledging that there's progress on the inflation front, we're inclined to think that a rate cut is more likely than not likely later this year.

>> OK. Now, given that outlook, what does this potentially mean for the US dollar, which, as you know, has been stronger relative to some of the other baskets of international currencies?

>> Yeah. So, for example, in Canada, we saw the Bank of Canada move to cut rates recently.

And this has been happening in other advanced economies as well.

Whereas in the US, because we're seeing the US economy growing very strongly, we're seeing a jobs market that's still robust, still adding a lot of jobs, and we're seeing inflation remaining very sticky.

We think that the Fed could buy itself a bit more time and remain on the sideline.

And by virtue of that, we anticipate that US bond yields are actually going to be higher relative to their peers.

That's going to help the US dollar to strengthen.

And that's something that we actually have embedded in our forecasts.

I think if you actually take a longer view of things, and you look at the underlying fundamentals within the US economy, we know for a fact that the US actually boasts of very strong productivity when countries like Canada and, to some extent, the UK, who have been struggling a bit with labor productivity-- the US is actually the exception and doing very well.

And that stronger productivity is actually going to argue for the currency differential to favor the US dollar.

So we think going forward, the US is actually going to benefit from more of the interest rate differential on the stronger productivity.

We also have to keep in mind the geopolitical risk-- things happening in Ukraine, as well as the conflict going on in the Middle East.

These are things that-- when there's geopolitical risk, there's always a flight to safety, and it favors the greenback.

So on net, we think the US is actually going to benefit from these variety of situations.

>> OK, so given all of that-- there's a lot of movement in markets-- what will you be watching over the next few months that could potentially change your view on interest rates?

>> Well, aside from inflation, that's going to keep us on our toes.

Like I said, a one-month reading doesn't necessarily make a trend.

We were happy to see today's inflation print being very encouraging.

But I think the inflation progress is going to be very, very important in terms of dictating the path of future rate cuts.

As you guys are very aware, shelter inflation remains the culprit.

This month, it came in about 4/10 month over month.

And that has been persistently strong.

And it's something that's, I'm sure, giving the Fed officials a lot of nightmare.

If we compare that growth to where we were at pre-pandemic, that part of the basket used to grow about a tenth or two.

So we're still very far away from where we need to be on the inflation side, particularly shelter inflation, one.

Two, the jobs market is actually going to really matter.

So far, we're not seeing evidence of cracks emerging. But if that should materialize, that's definitely something that the central bank is going to react to, given their dual mandate.

And certainly on the US, we have the US elections coming up later this year.

That's going to inform a lot of things from fiscal policy with regards to taxation, debt and borrowing, and as well immigration flows.

We know Trump and Biden, they have very different policies, and that's going to really flow into expectations around things like what the border flows would look like, and what that would flow into in terms of consumption, and even broader spending from a government level.

So there are lots of things to keep us busy. But the big-- the elephant in the room would be inflation.

>> That was Rannella Billy-Ochieng, Senior economist with TD.

Right now, let's get you updated on the top stories in the world of business and take a look at how the markets are trading.

Shares of creative software maker Adobe in the spotlight today, beating expectations on the top and bottom line for its most recent quarter, and is raising its full-year profit forecast.

Adobe has benefited from its suite of new products featuring AI. It's up about 14%.

Regarding Tesla, Elon Musk, shareholders voted in favour of his $56 billion pay package. They said without him leading Tesla, it won't become the company and has the potential to become.

You would expect on the other side for him to make some bold productions about the future of the company. He made a bold on about the future market value. At the same shareholder meeting, he said that it's off to him as humanoid robots, he has talked about them before, could help lift Tesla's market capitalization to $25 trillion in the future. $25 trillion. Currently, that would are present more than half of the current value of the entire S&P 500.

And about eight times of what Apple is right now in terms of market value so a pretty bold claim.

Shares of high end furniture retail our HR under pressure today. The company reported a much wider loss on the street was expecting. The company continues to navigate a sale slowdown amid a cooling housing market.

At $220 per share, they are down most 18%.

A quick check in on the markets. Not a great way to end the week, particularly after yesterday's pullback. We are down another 144 points today, about two thirds of a percent. South of the border, the S&P 500 did touch new highs this week, a bit of a pause today, modest. You're down 17 points or one third of a percent.

The performance of big technology stocks like Nvidia have helped push the markets to new highs this year, but can the ring continue and, if it doesn't, which sectors would get the baton passed to them? Justin Flowerday, Managing Director and had a public equities at TD Asset Management join me earlier to discuss.

>> AI seems have been carrying the baton thus far and have driven the markets to all-time highs. And look, there's reasons to believe that there's potentially some legs left to go with this move. If you think about what's led the tech sector, I mean, it really is kind of AI and semiconductors and then internet.

What hasn't been kind of moving as strongly has been in other areas, like software and services.

And if you had participation and had those sectors join the leadership basket, that would absolutely help with the moving tech higher.

The other reason I would point to, to be optimistic, is just overall earnings-per-share revisions across technology remain really, really strong.

And you have line of sight towards, the back half of this year, continued positive revisions.

And then the last thing I'd say is when you think of this revolution, this AI revolution, this is a once-in-a-lifetime thing that's happening.

And if you think about the size of the opportunity and what's happened, I mean, you have a $1 trillion install base in the data center.

And right now, NVIDIA is selling about $100 billion. That's the run rate of revenue every single year.

So still early days in terms of replacing the install base in the data center, which is going to need to be enabled for AI. The pushback you're going to hear is all around, OK, but what's the killer app?

We've had-- >> Is that why the software is lagging?

Because that's where the killer app would show up.

>> That's right. That's right. And so this is the question everyone's asking. OK, what's the killer app?

Because we haven't had one. And we're going to need one in order to justify the spend in hundreds of billions of dollars that people are making in CapEx to build out these data centers.

And in terms of passing the baton, look, I think there's a few sectors that could be interesting, but it's not one big, big theme. It's just a mishmash of different ones.

>> Let's get into the mishmash then. I know that at TD Asset Management, from some of your colleagues, I've been hearing about industrials, perhaps, not getting some of the recognition in terms of what they've shown us so far.

>> Yeah, so look, industrials is a very, very interesting sector.

And it's a really great sector for the colleagues that end up covering it-- analysts Juliana Faircloth, Terence Chung.

There are a number of themes in industrials which are going to continue to power certain areas of industrials higher.

One of them is aerospace and defense.

Aerospace and defense has been the beneficiary of a return in passenger airline travel and the backlog of planes that need to continue to get built.

There's electrical equipment. So with the buildout of all these data centers, you need a whole bunch of different components to go into building data centers, helping power the grid to allow for the new power consumption that's required.

And so, look, there's going to be continued trends there.

Some of the other sectors around-- some of the early cyclicals, right? We saw PMI data last week.

It really wasn't that strong in terms of goods.

We're seeing some sluggishness across different sectors that are traditional end markets, like automation and even rails and transportation.

I think there's the chance for some of those to improve if we do see a bit of a return in terms of the shorter cycle PMI activity.

>> All right, some interesting areas that might actually show some strength and help out with this rally.

What about the weakness? I mean, I think we've been watching pretty carefully the consumer for a long time now, trying to figure out how in a high-inflation environment that we lived through, and then a high borrowing cost environment as a result, how are they hanging in there?

Are we seeing some weakness?

>> Yeah, the consumer situation is an interesting one.

And everyone's watching it to figure out, all right, is the consumer going to crack?

Have they been spending too much and have depleted their excess savings?

And I'd say, look, there's been a general, I'd say-- I wouldn't call it weakening, but just slow down in terms of, I'd say, overall confidence of the consumer.

And then when you look into different pockets of the consumer, there is cohorts that are not doing as well as others, right?

So the lower-income cohort, which has depleted much of their excess savings, we're seeing delinquencies in credit cards start to go up, delinquencies in auto loans start to go up.

So there is a cohort of consumers that are finding it a little bit tough these days.

And so when thinking about it in terms of investing, I mean, there's a slight trade down that's taking place in terms of consumers shifting their consumption bucket to something maybe in the more value-oriented bucket.

Companies that can offer really, really good value for the products that they're selling and run their operations really efficiently stand to benefit.

On the other end of the spectrum, you have a group of consumers that really don't care about price and really just want to go out and buy what they want to buy.

And they're not sensitive to price. And so when you think about investing there, there's some great luxury brands.

Companies with really, really strong brands are going to continue to do well.

>> Now, of course, one of the big events of this week will be another inflation report out of the United States, another Fed rate decision. No expectation that the Fed's about to move any time soon.

But the market, obviously, is so sensitive to any of these data points that could feed into what the Fed is thinking.

I just think of last week. You talked about weak PMIs. And the market couldn't decide whether the bad news was good news, or the bad news was bad news, or the good news was good news.

>> That's right.

>> I feel like the market translation machine right now is trying to figure out what should be spitting out the other end.

>> Yeah, that's right. And we're in that phase of the market where people really are looking forward to some easing in the interest rate environment to allow some pressure off of balance sheets.

And that's going to help improve consumer confidence at the same time.

Anytime you ease, you're easing for a reason.

And it's because the economy, the outlook for the economy has weakened.

So yeah, it'll be really interesting as we head through this summer and start to determine when the next-- when the first rate cut is going to come from the Fed and when the next rate cuts are going to come from other central banks around the world.

>> That was Justin Flowerday, managing Dir. and head of public equities at TD Asset Management.

Now, look at our educational segment of the day.

If you are looking to achieve certain financial goals, what progress tools which can help you keep track of your progress.

Caitlin Cormier, Senior client education instructor with TD Direct Investing has more.

>> As a self-directed investor, you kind of become your own portfolio manager, but the good news is you have tools within web broker that can help you build your portfolio.

So let's go ahead and hop into a broker.

We are going to look at the goals tool today. Right here at the top of tabs on web broker. What we are going to do is click on get started to start a goal.

So within this tool, you can select what you are saving for, so whatever type of savings will you have, you could choose retirement, a major purchase or just your money to grow.

I'm going to go with retirement for today.

You're going to put in your current age and put it in the income that you are currently earning and the age that you would like to retire.

We're just going through some numbers and here. The next thing is going to ask us is what we would like to and as far as income in our retirement. It's giving us an idea of a couple of different options. Let's go was a little less, 80% of our current income.

You will notice that there some helpful tips as you go along to give you an idea of what might be appropriate to choose.

Let's just go ahead and name our goal. All right.

Next up, it's going to ask us to choose an investor profile. So you kind of have to know a little bit about yourself as far as what your risk tolerances, what your timeframe is and those sorts of things to kind of understand which one of these portfolios might be most appropriate for you.

You can compare them, choose compare and then put them side-by-side and compare which one might make the most sense for you. It has quite a bit of information as far as historical returns, risk levels and asset mix and then he can go ahead and choose whichever profile is appropriate for you and go ahead and click save and continue. Next up, we are going to say how much money we have that we are already using to save for this particular goal. In this case I'm gonna say that we have some money already, so let's just say we have 30,000.

We are going to put in a contribution amount that we are currently making into the account so let's just choose a biweekly contribution. We are going to click save and continue.

And here we have the projection for what our plan is, so it shows us how much we are going to need to have for retirement and then how much we are projected to have. Obviously, there's a bit of a gap here between the two so we need to make some adjustments to get it a little closer in line. One thing I'm in a show you is I can actually click here to view assumptions and all see that this particular goal is taking into event the average amount of CPP per Canadian, the minimum amount of OAS and you can also add things like other income in here. For example, if you have a pension plan and you know how much money you will receive a year from that plan, you can bet and put it here. If you have rental properties or plan on working, any of those other types of working, you can add them here.

You can also choose your life expectancy here or if you know what your amount for CPP or OAS would be, you could put it in here. Once we hit save, we notice the goal gets readjusted, based on the fact that we will have that pension income, and then we can go ahead and play with some of these numbers. Maybe we say I can perhaps take a little less income and take a couple more years before I retire and click recalculate. We are a lot closer there still is just at a small amount more a contribution and there we go, we are over our goal. It gives us a way to understand how we can adjustments to our plan and meet our goal.

We can go to our goal dashboard and keep our eye on this goal as time goes on, see whether we are on target or not to actually meet our goal. We can go in as well to goal details and make any adjustments as time changes and life changes. You can go in and make changes to any of these things that might have changed during that timeframe, maybe your little bit more conservative, maybe you want to change some of the other inputs at any point in time. So this tool is a great tool in order for self-directed investors to use keep track of their goals and make sure they are on track to meet them.

>> Always great stuff there from Caitlin.

Our thanks to Caitlin Cormier, Senior client education instructor at TD Direct Investing.

Of course, it is Options Education Month for the entire month of June at TD Direct Investing. Lots of stuff worth checking out.

[music] For even more information, you can use this QR code to sign up for promotions and education.

Once again this week, we saw markets hit new all time high south of the border, the promise of cooling inflation and eventual rate cuts from the Federal Reserve. But our corporate earnings aptly justifying these valuations? Damian Fernandes, managing Dir. import folio manager with TD Asset Management join me earlier to discuss.

>> Well, the earnings-- we've been in earnings growth and earnings bull markets since last year, Q2 last year.

So let's put some numbers to that. Q2 of 2023 was the decline, the bottom, in earnings. Earnings were negative.

And every quarter since-- Q3, Q4, Q1, the remaining quarters expected for this year, we've seen earnings growth.

You talked about at the start, the market's so focused on these narratives, these big macro narratives, about what's happening with inflation, and what are rates doing, and geopolitical risk.

We're in a bull market in earnings, and, hence, it's, keeping the Occam's Razor approach.

The reason markets are at new all-time highs is because earnings are at new all-time highs.

>> And we just showed the audience a historical earnings trend chart that you brought along. Maybe we'll throw it back up there again. Tell us what we're looking at here and what these bars are telling us.

>> Sure. You can see that right there-- the top half of that is sales, and the bottom is earnings.

And I've just kind of highlighted how earnings were negative last year. And ever since then, we've had progressive sequential earnings growth.

And so I guess at this point, right, when the conditions that are supportive for markets-- falling inflation, rising global activity, earnings delivery-- I'm not surprised. I think we're having a very conventional bull market.

>> The other narrative that has been commonplace in the market is, yes, we saw the S&P 500, the NASDAQ hit new highs day after day, week after week.

. It's all been about tech. It's been about a handful of stocks when we look at the market breadth. What is that looking like?

>> Last year, it was about that, right?

Last year, the acronym Magnificent Seven, it did hold water.

What I mean by that is that-- I showed you the earnings chart last year. The first half of last year, we had an earnings recession.

So what normally happens in earnings recessions is that the market gravitates to the places where you actually see growth.

Last year, the only game in town was the Magnificent Seven because through the secular benefits of AI, which was moving up their top line and earnings.

And so you did actually see pretty strong earnings growth in those names.

And so you had a collection of investors moving towards that.

This year, the Magnificent Seven is no longer monolithic. Two of the seven are underperforming the market.

And while the rest are holding in, there's much more breadth, right? My term last year, you had bad breadth.

And by that, I mean the market just didn't see the same participation.

You had a lot of stocks that were up. They just weren't up to the same degree as the Magnificent Seven.

This year, you're just seeing the average stock in the S&P is up. And the Mag Seven, some of them are lagging.

>> Let's talk about where there were some interesting ideas in the marketplace.

Industrials, financials and utilities.

>> Industrials, financials and utilities are a mix of secular and cyclical sectors.

Last year there was the narrative that we are having a very unconventional market run led by the Magnificent Seven. I thought it was one of the mill. What I mean by that is that at the early stages of a bull market, what normally leads?

Early cyclical's, semiconductors, housing stocks, media, all of those sectors had actually bottom all the way back in May 2023. As the growth progresses and people are more comfortable with the recovery, they start seeing this transition from early cyclical's to mid-to-late cyclical's. Financials are really high on that list because one of the biggest benefit from financials if you don't go into recession is you have lesser loan-loss provisions. So financial company should start seeing earnings growth and you have below market valuation.

Industrials are tied to the cyclical theme. I'm sure many of your guests are talking about AI entitled to that is utilities because 40% of incremental energy demand in the US is now going to come from these data centres, and these data centres are energy hogs and so if you're a utility that can provide this, it's an uplift. There is a valuation argument for utilities as well.

>> We are talking early, middle, late technicals, we are in the economy, some people start thinking the S&P 500 has had a pretty great run. The TSX Composite Index, could it play catch up?

>> Think about the TSX and what comprises our biggest actors. The composition, the last time I looked, over 60% is between financials, energy and materials.

Those are all, by definition, Lake cyclical sectors.

They are all beholden to what's happening in commodity prices, with the Federal Reserve and central banks are doing, what's happening with growth in China. And so all of this sectors, what normally happens is people are more convinced about an economic recovery, commodity prices start getting a bit. Energy is $75 today, WTI was 75 last year. Hard for energy companies to make money when what they are beholden to, the price of what they sell is below but if the recovery ensues, you should start seeing more of these commodity prices hopefully catch a bid and that will be beneficial to these late cyclical.

>> We started talking about earnings growth. I think you brought a chart 2.

>> I think chart sometimes, convey a lot.

This is pretty simple. The white line is the S&P earnings from the last five years.

They have outpaced the green line.

The reason the S&P has outperformed the TSX is because earnings growth has been faster in the S&P. TSX earnings are below where they peaked back in 2022.

That's because commodity prices benefited at that time from geopolitical conflict and then all prices have come off and that's why the green line has fallen but if commodity prices continue to increase as people are more convinced about economic growth returning, you should start seeing that play catch up so I wouldn't be surprised if a year from now we see the TSX do much better.

>> I want to take on the inflation print from this morning. Clearly the markets are please. It seems like the Goldilocks scenario that people have been waiting for. You can raise the cost of borrowing, tame inflation, not do too much damage to the economy and then back off to the races. Is this how we should be viewing it or is there some scepticism?

>> The most interesting thing about markets today is that inflation could fall for two reasons. It could be demand, demand collapses and that leads to a disinflationary impulse or you have a supply improvement. What we are seeing is actually to the benefit and I'm pretty sure the Federal Reserve or the Bank of Canada are rejoicing on this is that we are having good disinflationary trends.

What I mean by that is that the disinflation we are seeing from 9% inflation back in 2022 to 3% today has been supply driven.

More supply of labour, less cost of goods, and I think that continues. Those days, I am not surprised when the market is up today. The inflation print was supported by really good underlying inflation pressure particularly from housing, which people are waiting to turn and it's coming that way.

The Federal Reserve is on track for two rate cuts this year. The Bank of Canada has already started. We are past peak, if I think about a rate mountain, all central banks globally are scaling up the rate mountains.

We are on the other side of that, the Bank of Canada, the ECB, this was national bank, they have all started cutting rates.

The Fed is on track to do so. Those are generally, if growth is stable and we are cutting rates, that is supportive for equity prices globally.

>> That was Damian Fernandes, managing director and portfolio manager with TD Asset Management.

Now, for an update on the markets.

We are having a look at TD's Advanced Dashboard, a platform designed for active traders available through TD Direct Investing.

Let's go through the heat map function here. We got a nice view of the market movers. Now we do know the headline TSX Composite Index we are having a down session. We had a down session yesterday.

So where are the weak points? As we look through here, it's clear what's going on.

The energy names are pulling back. You got big names like Cenovus down about 1%. Also across the bid, financials are under some pressure. You got BCE and Telus, the big telecom plays, pulling back.

We want to see some optimism on Friday, the read on the screen is Shopify right now, not the only green on the scream of the strongest performer, up about 5%.

South of the border, we know the S&P 500 and NASDAQ hit new all-time highs this week.

This during the program and the interviews this week. Inflation rulings of the board.

The Fed decision, they are penciling one rate cut in this year. We'll see when the market thinks about that as we move to the year.

A bit of a pulse today in that rally.

Nvidia up a bit more than 1%. Adobe performs this session on the back of its latest earnings, better-than-expected, raising the forecast. AI making its way through it suite of products but some weakness and some of the automakers, including Tesla on the EV side, even a Ford or General Motors showing some weakness.

As always, make sure you do your own research before making any investment decisions.

stay tuned for Monday's show. Nicole Ewing, Dir. of tax and estate planning for TD Wealth's can be our Guest taking your questions about tax and estate planning.

Of course, these questions can get complex. It's nice to share them with the pull ahead of time for her to get her head around them.

You can get a head start with those questions.

Just email MoneyTalkLive@TD.com.

Before we go today, today marks the second anniversary of the launch of MoneyTalk Live.

We want to thank everyone for tuning in and to all of our guests for taking the time to join us on the show and answer the questions. Now, Anthony stuck with me here. This could be a dangerous bit of play. During one of those segments, I was reading this, we need 12 feet of clearance. We can't shoot these party makers at each other. I would love to shoot it right at the camera but I'm not sure we can do that but I think we can shoot them off safely in that direction.

This is a celebration. It's been two years of doing shows, we appreciate you watching. You ready for this? Three, two, one.

They don't seem to be… There we go…. There we go. 12 feet? Come on! I'm gonna shoot this one.

There we go. Thanks for watching. We will see on Monday.

>> Thank you.

["Happy Birthday " instrumental playing]