Kenny Polcari

Speaking at a Wall Street Journal conference this week, Meta president Dina Powell McCormick said starting new data center projects in the U.S., quote, will be very challenging, after the election.

She went as far as saying that Meta is looking at potentially building in other countries and that every major tech company is likely also asking whether it needs to build outside the U.S. To that point, I spoke with Kenny Polcari, Chief Market Strategist at SlateStone Wealth.

He said that a lot of data centers won't have to be built outside the U.S. because you're going to see more Republican states tell them, hey, we'll take the money, come build in our state.

Have a listen.

Let's get to what it means for the economy and specifically your investment portfolio.

And for that, we turn to our good friend, Kenny Polcari, Chief Market Strategist at SlateStone Wealth.

Kenny, great to see you, my friend.

Always a pleasure, Kevin.

Always a pleasure.

Absolutely, sir.

That was Kenny Polcari, Chief Market Strategist at SlateStone Wealth.

And this was Wired In.

We'll take a quick break.

When we come back, US market commentator Kenny Polcari in New York will analyse how the stock market will react to those big gains in the midterm elections.

Thanks for being with us here on Business Now.

Well, late this afternoon, as it became obvious that there was a wave of Democratic blues swimming across the American electoral map, the US stock market futures suddenly turned down, as Ed Boyd observed a little earlier.

All right.

Let me know when Joel's here, because Kenny's coming on 740.

He's got to leave 755.

Yeah,

Hello? By the way, Joel's up, so I'm going to shut up and let him have his time.

Hey, Joel, we've got to talk fast.

Kenny's coming on at 740.

So what's going on with the market, and what do you think the election's going to do, one way or the other? Joel? Joel, are you there? Unmute thyself.

Anything else, we are happy to cover for you as best as we can.

Prayers to Kenny Polcari and his family.

His dad is struggling.

And happy birthday to my dad.

Anything else, we are happy to cover for you as best as we can.

Prayers to Kenny Polcari and his family.

His dad is struggling.

And happy birthday to my dad.

Welcome back.

This is Trader Talk, and I am Kenny Polcari, your host.

And today, we've got Alex Giuliano, who is the Chief Investment Officer at Resolute Wealth Partners, and again, a returning guest, Jay Pulaski from TPW Advisory.

He is the founder.

And the rest of the economy, housing, et cetera, is very sensitive with mortgage rates over 7%.

Mortgage rates are closer to 7.4%, which was interesting to me because I thought they were closer to seven and suddenly I realized they were closer to 7.4. Now I'm not in the mortgage market, so I'm not necessarily right, but when I looked at it, I went, oh my God, when did that happen? I'm surprised we haven't seen more of a pullback in house prices.

I think one of the things, Kenny, as someone who was in the housing market, bought a house two years ago, but spent three years looking, right? Yeah.

Riding this wave over the last five years.

However, the tech-heavy Nasdaq and S&P 500 were down as AI spending fears continue to rattle investors.

Kenny Polcari of Slate Stone Wealth says his strategy for dealing with the market is to let the volatility play out.

I wouldn't panic and start selling everything.

I think actually we're getting to the place where some of these tech names are looking very, very attractive.

And I think Wa- I think Wall Street's doing, or investors are doing a m- a m- middle of a classic mistake, which is throwing the baby out with the bathwater.

I'm gonna talk with Kenny Polcari about that.

But as we're looking now, and we're seeing futures, uh, stocks had a tough day yesterday.

The Nasdaq was down almost 2% during the day, 1.88%.

Ignore the screaming and yelling.

And yeah, it's a bit of a difficult time, but don't forget that markets are still trading near all-time highs.

Let's see what Kenny Polcari actually thinks today.

Uh, Kenny is a great friend.