Kingsview CIO Scott Martin On Fox Business Cavuto Coast to Coast 7.3.2024
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NEIL CAVUTO: Alright, we might have a constitutional crisis. We don’t know who’s going to be the Democratic nominee for president, especially if the talk about Joe Biden being pressured out of the race materializes. What happens then? You’d think the markets would be panicking one way or the other, but they’re not. How often has this theme played out? Scott Martin, here we go again. Less than 30 minutes of trading, and we see kind of a blasé response. What do you think?
SCOTT MARTIN: Yes, much ado about nothing so far, Neil. But I’ll tell you, I think some fallout from the debate is being taken to heart by the market. This suggests that maybe the prospects of Donald Trump coming through in November are probably good for the markets. Certainly, if you look at Joe Biden’s track record, many believe in that. So far, the markets are taking things in stride with the hope that Trump pulls this out and we get some good economic policy post-January.
NEIL CAVUTO: You’ll get different people with different views on that. But let me get your sense of what’s driving this, especially in technology. It’s looking at another strong day. The S&P and the Nasdaq, if they make gains of any sort today, will set records again. One analyst was saying whatever the S&P did in the first half, it’s going to do again in the second half. That leads to incredible numbers. What do you think?
SCOTT MARTIN: Well, if the markets have hung in there as well as they have versus, say, Biden economics or the Green New Deal, a ramp in inflation, a crazy Federal Reserve, border crisis, geopolitical concerns, and a stagnating housing market, I tell you, Neil, the markets can take a lot. They’re showing that so far. I think as Trump pulls further ahead in the polls going into the fall, we’ll see more market stability. Biden’s comments on the economy just don’t ring true with investors or voters. Therefore, any movement from Biden is seen as a negative for the markets, pushing them to favor Trump.
NEIL CAVUTO: The markets have done pretty well under Joe Biden, as they did under Donald Trump. They kind of follow their own world, don’t they?
SCOTT MARTIN: Yes, but printing trillions of dollars helps, doesn’t it? Ramp inflation, the last guy, my friend, they were good at printing money.
NEIL CAVUTO: We all are. The problem is you want that money to go into the private sector, not the public, and let the private people do what they want with it, not the public sector. That’s something the government certainly needs to learn going forward.
NEIL CAVUTO: Alright, thank you very much, Scott. Always good catching up with you.
