WEBVTT - PNC's Stone: Likes Financials Now, Adding to Technology (Audio)

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<v Speaker 1>Global business news twenty four hours a day at Bloomberg

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<v Speaker 1>dot Com, the radio plus mobile lap and on your radio.

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<v Speaker 1>This is a Bloomberg Business Flash. Broom, Bloomberg World Handquarters.

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<v Speaker 1>I'm Charlie plot Stocks are lower, little change now with

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<v Speaker 1>the SMP five hundred index down two points to drop

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<v Speaker 1>there of one tenth of one percent down, industrials down

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<v Speaker 1>three also a drop of less than one tenth of

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<v Speaker 1>one percent, and as stack up nine a gain of

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<v Speaker 1>two tenths of one percent. The ten year of three

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<v Speaker 1>thirty seconds with the yield of one point five seven percent,

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<v Speaker 1>Gold up five sixty ounce, the thirteen thirteen of four

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<v Speaker 1>tenths of one percent. Crude oiled or West Texas Intermediate

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<v Speaker 1>back below forty four dollars a barrel closer to forty

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<v Speaker 1>three now forty three, twenty five down three point two percent.

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<v Speaker 1>I'm Charlie Holton. That's a Bloomberg Business Flash. This he's

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<v Speaker 1>taking stock with Kathleen Hayes and Pimpox on Bloomberg Radio

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<v Speaker 1>Live at the US Open, a Flushing Meadow, Queens for

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<v Speaker 1>the U s t a s premier event of the year,

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<v Speaker 1>the fourth Grand Slam in the World Tennis tournaments, and

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<v Speaker 1>we are very happy to be here raiding outside this place,

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<v Speaker 1>suspended on the courts around us, but the retractable roof

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<v Speaker 1>used for the first time last night as rafanal Rafa

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<v Speaker 1>Nadal beat his Spanish opponent in use again as Andy Murray,

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<v Speaker 1>the second seed tries to beat his French opponent. Meanwhile,

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<v Speaker 1>we are very happy to be joined again this year

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<v Speaker 1>by another big tennis found There's so many people who

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<v Speaker 1>work on Wall Street, who work in the financial services,

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<v Speaker 1>actually work in all kinds of industries who come out here.

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<v Speaker 1>It's a great opportunity to see just such terrific action

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<v Speaker 1>and maybe even see some friends and colleagues like your

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<v Speaker 1>friends at taking Stock. Bill Stone is here his chief

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<v Speaker 1>investment strategist p n C Asset Management Group, to talk

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<v Speaker 1>little tennis and certainly the markets. Welcome back. Thanks for

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<v Speaker 1>having me again. Why do you come here open every year?

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<v Speaker 1>You know, I love tennis. I I competed in tennis

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<v Speaker 1>through high school and just you know, I really appreciate

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<v Speaker 1>how hard it is to play at this level. And

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<v Speaker 1>it is a great venue and it just keeps getting

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<v Speaker 1>better every year, honestly, so it's an awesome place to

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<v Speaker 1>be better in terms of the food, and better in

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<v Speaker 1>terms of the people who are here, better in terms

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<v Speaker 1>of you know, I think of it as certainly food

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<v Speaker 1>is good that you know, the facilities get better. I

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<v Speaker 1>mean I started coming in the early nineties and not

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<v Speaker 1>every year, but when I when I work for Salomon

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<v Speaker 1>Brothers right out of school, so I I came here, um,

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<v Speaker 1>and it's you know, it's it's way nice there. In

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<v Speaker 1>terms of friendlier to non total tennis people, it's a

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<v Speaker 1>it's a full entertainment event now, so I think that

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<v Speaker 1>makes it exciting. I mean I would just love to

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<v Speaker 1>watch tennis, but not everybody is so tennis crazy. So well,

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<v Speaker 1>they do seem to have a good business head out

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<v Speaker 1>here at the U s t A to know what

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<v Speaker 1>is going to work for the fans, of sponsors and more.

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<v Speaker 1>I think, so yeah, I mean it's great. You know,

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<v Speaker 1>I always do some shopping, so you know there'll be

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<v Speaker 1>some us open clothes coming home with me as well. Well.

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<v Speaker 1>The FID will be glad to hear that they want

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<v Speaker 1>to sumer stuff boost the economy in the second half.

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<v Speaker 1>They can you know, get a rate hike in or

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<v Speaker 1>two this year. Uh. In terms of the retractable roof.

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<v Speaker 1>I just have to ask you. You're a fan, you

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<v Speaker 1>sat under the roof, how how does it feel? How

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<v Speaker 1>does it sound? How does it seem? I think it's great,

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<v Speaker 1>you know, because one it lets us still have tennis

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<v Speaker 1>despite having the rain, and you and I were dying

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<v Speaker 1>at the heat last year. And for those that don't know,

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<v Speaker 1>there's air conditioning in there when they close the roof,

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<v Speaker 1>so it's actually really nice in there. Okay, again, another

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<v Speaker 1>smart business decision. While we are, while you're watching tennis,

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<v Speaker 1>I know you've got your your mobile device and you're

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<v Speaker 1>watching the market. Kind of a mixed day because everybody's

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<v Speaker 1>waiting for the jobs report tomorrow. We did, though, get

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<v Speaker 1>kind of not such a strong read from the big

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<v Speaker 1>three automakers on their latest sales. Now, of course, sales

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<v Speaker 1>have been very strong from a from an equities stand point,

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<v Speaker 1>from an investment standpoint, How do the automakers look to

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<v Speaker 1>you in the light of the latest numbers and Ford's

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<v Speaker 1>head saying pent up demand is gone? Now? Yeah, you know,

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<v Speaker 1>it's really hard because I think you know, as you

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<v Speaker 1>point out, you're coming from a high level that I

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<v Speaker 1>think even coming off that level is still a pretty

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<v Speaker 1>attractive number. Um and I you know, maybe the pin

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<v Speaker 1>up demand is gone, but I would say at least

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<v Speaker 1>when you think about it, and maybe another reason to

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<v Speaker 1>be really watching the number tomorrow is if we keep

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<v Speaker 1>having job creation, it's hard to imagine the consumer giving

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<v Speaker 1>out right if you have good job creation, decent you know,

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<v Speaker 1>uh gains and wages. Um. You know. Again, usually at

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<v Speaker 1>least in this recovery, certainly at least those have driven spending.

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<v Speaker 1>They haven't necessarily borrowed more consumer spending or consumer credit wise,

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<v Speaker 1>which is fine. That actually makes it, I think, a

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<v Speaker 1>more durable recovery, albeit slower than some of the more

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<v Speaker 1>fund recoveries we've had in the past, but some of

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<v Speaker 1>those don't end a lot quicker. So okay, So the

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<v Speaker 1>Bloomberg Consensus survey for the change in payrolls tomorrow, that's

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<v Speaker 1>the key number for the Fed, right, hundred and eighty thousand.

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<v Speaker 1>That's the forecast, down from two five thousand in July,

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<v Speaker 1>which is pretty strong. I believe the previous month was

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<v Speaker 1>two eight seven. August was was very weak. So what

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<v Speaker 1>what's in the in the stock market right now? Number

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<v Speaker 1>one in terms of a number, Oh well, I mean

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<v Speaker 1>I'm gonna go with the consensus. I mean, we the

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<v Speaker 1>problem is, I think most people out there would say, well,

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<v Speaker 1>the seasonals usually aren't good on this one, so you

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<v Speaker 1>usually bet under. But then we got a decent ADP yesterday. Um,

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<v Speaker 1>you know, I think like what you're seeing today is

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<v Speaker 1>even though you got say the I s M manufacturing

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<v Speaker 1>probably giving making people a little more nervous around, uh,

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<v Speaker 1>the economy in general. You know, you're certainly not seeing

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<v Speaker 1>the market have a big sell off, and maybe it's

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<v Speaker 1>partly because some of it. If you get a bad

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<v Speaker 1>number on Friday, it doesn't necessarily mean the economy is

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<v Speaker 1>falling apart, but what it does mean is pretty much

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<v Speaker 1>takes a timber hike off the table for the FED.

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<v Speaker 1>And maybe that just makes people feel okay that you're

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<v Speaker 1>only gonna get Let's assume things kind of continue moving

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<v Speaker 1>on at a decent pace and you get that December

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<v Speaker 1>hike and that's it. Well, it seems that the markets

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<v Speaker 1>have shrugged off stock market anyway, and the bond market

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<v Speaker 1>didn't have a big reaction to the I s M

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<v Speaker 1>manufacturing number. The Institute for Supply Management, if it's above fifty,

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<v Speaker 1>it shows manufacturing is growing. It was below that is

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<v Speaker 1>starting to contract, and after being at fifty two point

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<v Speaker 1>six in July, the numbers at forty nine point four.

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<v Speaker 1>So stock market just but but doesn't seem to be

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<v Speaker 1>people put too much attention to that one today. No,

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<v Speaker 1>And I think probably just the conflicting number. You do

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<v Speaker 1>get a market p M I number that's still held

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<v Speaker 1>in better I s M is probably one people watched

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<v Speaker 1>closer um and then I think it's just the other

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<v Speaker 1>data around that says, well, I don't get too crazy

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<v Speaker 1>about one number out of I s M. Even though

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<v Speaker 1>I like watching is M, I think it gives you

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<v Speaker 1>a good take on things. I think the other side

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<v Speaker 1>is like high and now we're kind of fading in.

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<v Speaker 1>It's kind of like if you watched that I watched

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<v Speaker 1>the Atlanta Fed GDP now all the time, and you

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<v Speaker 1>know we faded down to three point two percent there.

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<v Speaker 1>I mean, we think by the end you end up

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<v Speaker 1>at about a three for this quarter. But still, you know,

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<v Speaker 1>even though you came from a much higher expect you

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<v Speaker 1>know what, I think it got up to three point

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<v Speaker 1>eight at one point something like that three I'll take

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<v Speaker 1>rights that the averaging about one percent you every year

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<v Speaker 1>for about three quarters. That would be good. So as

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<v Speaker 1>for the stock market, bill Stone, what's your view about

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<v Speaker 1>where it heads from here? Treading water indefinitely or will

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<v Speaker 1>is there something that will give the people who are

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<v Speaker 1>bullish the excuse for the reason to say time to buy.

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<v Speaker 1>This thing's pushing higher. Um, I think I'm hopeful that

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<v Speaker 1>you're gonna see that. But I think part of what's

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<v Speaker 1>taken as a bit higher now. Obviously we're treading water

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<v Speaker 1>here a little bit and down a little bit lately anyway, Um,

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<v Speaker 1>but I think you're going to see earnings start to

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<v Speaker 1>pick up because you're you know, we're now anniversary the

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<v Speaker 1>really ugly oil moves, so the headline won't look as bad.

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<v Speaker 1>But then you're seeing a it up in areas like technology,

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<v Speaker 1>and I think you saw at least last night, Look,

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<v Speaker 1>technology was a good h it was a good sector

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<v Speaker 1>today in fact even Um. I think why you see

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<v Speaker 1>such a cross current out in the market is some

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<v Speaker 1>of the sectors that are more interest rate sensitive have

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<v Speaker 1>been suffering lately, so like the utilities and the telecoms.

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<v Speaker 1>That was our strength before. So we're really seeing a

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<v Speaker 1>bit of a rotation. I'm hoping anyway to some of

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<v Speaker 1>the more economically sensitive areas. And I think you're seeing

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<v Speaker 1>some good news, you know, like you said, the eyes

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<v Speaker 1>and manufacturing wasn't so good today here in the US,

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<v Speaker 1>But we got great news out of the UK. You know,

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<v Speaker 1>it's snap back phenomenally. We got a better number out

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<v Speaker 1>of China. Not that it's completely turned the corner, um,

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<v Speaker 1>but at least you can say, uh, you know it it

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<v Speaker 1>as always, well, the US was the really strong one

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<v Speaker 1>and we were worried about everybody else. Um, maybe we're

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<v Speaker 1>having a little lift here in some of these other places. Well,

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<v Speaker 1>of course, the Brexit just doesn't seem to have taken

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<v Speaker 1>a bite out of the UK economy as much as

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<v Speaker 1>people thought. On the other hand, their central Bank chief

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<v Speaker 1>Markcarni did promise to be aggressive and made that restored

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<v Speaker 1>some confidence. So in terms of investment strategy, you are, uh,

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<v Speaker 1>tech doing reasonably well. You can see earnings picking up.

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<v Speaker 1>So how do you play it? What? What industries? What sectors?

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<v Speaker 1>Are you still looking at dividends? Are you looking at growth? Momentum? Value? Where?

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<v Speaker 1>What? What What do you what? What is your team saying money? Yes,

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<v Speaker 1>I gave you the ones that we really do like technology.

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<v Speaker 1>We actually just added more to technology yesterday, So we

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<v Speaker 1>do like that space. Um, we like the financials. I

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<v Speaker 1>think you're underneath it. It's going to be a slow

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<v Speaker 1>move up in interest rates, but you've seen some help

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<v Speaker 1>from that side, at least recently. Of course, the financials

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<v Speaker 1>ones we've liked for a while. It's been a long

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<v Speaker 1>time coming. And you know, I think the valuation is good.

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<v Speaker 1>There may be very good if in fact we get

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<v Speaker 1>some decent numbers when you look at financials. Are you

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<v Speaker 1>talking some of the big money center banks? Are you

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<v Speaker 1>talking regionals? What where do you look to find the

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<v Speaker 1>best value. Yeah, I'm gonna say probably mostly the more

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<v Speaker 1>the more regional banks, only because uh, you know, when

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<v Speaker 1>you get into the money centers, you're talking more trading

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<v Speaker 1>type of thing. I'm I'm thinking just more lending, and

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<v Speaker 1>certainly some of the money centers you're gonna get lenny exposure. UM.

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<v Speaker 1>I don't have a good view on whether necessarily you're

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<v Speaker 1>gonna see trading while you pick up Okay, tennis, who

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<v Speaker 1>are you? Who are you? Who? You had to capping

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<v Speaker 1>on the men's side too, do you know what? You know?

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<v Speaker 1>We talked about this a little bit last year. I'm

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<v Speaker 1>I'm gonna I'm voting for Djokovic. If Federer was here,

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<v Speaker 1>I would say him, But I'm gonna say Djokovic because

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<v Speaker 1>he's coached by my one time twin Boors Becker so

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<v Speaker 1>and my hero. So I have to go with that.

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<v Speaker 1>Anybody can topple Serena this year. Do you think on

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<v Speaker 1>the women's side, Uh, certainly possible. But I obviously I

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<v Speaker 1>think she has to be the favorite. Yeah, yeah, well

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<v Speaker 1>she always is. Yes, that's true. As long as she's playing.

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<v Speaker 1>I think he's always gonna be the favorite with good reason.

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<v Speaker 1>He's about as far as I can remember. Bill Stone,

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<v Speaker 1>thanks for joining us. Thank you. Yeah. Here at the

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<v Speaker 1>US Open Flashy Meadow, Corona Park. We're having a terrific time.

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<v Speaker 1>Billi's chief Investment Strategies p n C Asset Management Group.

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<v Speaker 1>He thinks, uh, Conn, He's doing better, Ernie's gonna do better.

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<v Speaker 1>He's might say he's mildly positive on stocks. I'm Kathleen Hayes,

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<v Speaker 1>and this is Bloomberg