00:00The Nasdaq Composite posted its latest record finish on Tuesday, July 15, supported by a jump in shares of heavyweight NVIDIA,
00:08but the other Wall Street benchmarks ended lower as a key inflation report and a flurry of bank earnings filled to excite investors.
00:15It was the fourth session in five that the technology-heavy Nasdaq index has posted a record close, and the eighth time since June 27.
00:23Artificial intelligence chip leader NVIDIA was the primary factor behind the Nasdaq's increase,
00:27gaining after it unveiled plans to resume sales of its H2O AI chip to China.
00:34I think the real driver here was the NVIDIA news and the fact that they should be able to be selling to China.
00:42That was a big concern for NVIDIA stock, and as we know, NVIDIA is the highest-valued stock in the market in the world, north of $4 trillion.
00:53So when NVIDIA moves sharply higher, which it is today, that in and of itself can move the Nasdaq.
01:00But Oracle, Apple, Microsoft, which is now over 500, those tech stocks are back in control for sure, and that is what's moving the market today.
01:12Trump's got to be careful, because if he leans too hard on Jay Powell or replaces him and brings in someone who is a Trump yes man, we are endangering the dollar as the international reserve currency.
01:29The world has faith in the dollar for a variety of reasons, but one of them is the independence of the Fed.
01:38So I wouldn't really mess with that, even though, let's be real, Truman did it, Lyndon Johnson did it, Nixon did it.
01:46Trump's not the first president to try to bully the Fed.
01:50But we're in a very precarious situation here with the debt sitting somewhere around $36, $37 trillion.
02:00It's not the time to play games, in my view.
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