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Why we love this deal

Having any amount of outdoor space where you can sip your morning coffee or kick back in a rocking chair is a delight. If this area also includes a patch of yard, it comes with the inevitable maintenance required when grass pokes through the sidewalk or weeds get unruly. Tiny yards are a breeze to tidy up compared to larger ones, taking less time in the blazing sun pushing around the lawn mower and whacking weeds. That said, if you have a small yard, you likely have a small home, which means less space to store all that lawn equipment.

The Black+Decker 3-in-1 Electric String Trimmer, Edger, and Lawn Mower makes yard work even more efficient, giving you every tool you need to maintain the lawn in one streamlined package. Since the compact design has three tools in one, it eliminates the need for multiple pieces of equipment, stowing away easily and giving you back precious storage space. Normally, you’d have to pay $124 to add this handy yard tool to your collection, but it’s currently on sale for just $89 at Walmart. As a bonus, the electric tool only requires an outlet to power up, so you don’t have to deal with extra trips to the gas station for fuel.

Black+Decker 3-in-1 Electric String Trimmer, Edger, and Lawn Mower, $89 (was $124) at Walmart

Courtesy of Walmart

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Why do shoppers love it?

The versatility of this Black+Decker tool is unmatched. When placed in the rolling base, you can use the electric tool as a compact lawn mower to effortlessly cut grass. With a tap of the foot pedal, you can quickly convert the equipment from a mower to a string trimmer or wheeled edger to create clean borders around the sidewalk and tackle dense undergrowth. The tool has a large coverage area with a 12-inch cutting swath, so you’ll spend less time trimming. “I took it out of the box, and 45 minutes later, the lawn was mowed, the weeds were whacked, and the edging done,” one shopper raved. They added, “The HOA came by and was amazed at how good the yard looked.”

Related: Amazon is selling a ‘very roomy’ lockable double-door outdoor storage shed for just $150

With over 150 perfect five-star ratings, this equipment is highly rated by shoppers. The corded tool is powered by a 6.5-amp motor, so it will deliver reliable and consistent performance. While it’s not as heavy-duty as larger models, it should have plenty of power for basic yard work. One shopper reported, “It even went through the high grass, and tall weeds were not a problem.” The same reviewer also appreciated the easy care required for this tool: “Cleanup was a breeze — I just hosed it off after unplugging. Stores in minimal space.”

Details to know 

Power source: Electric.

Cutting width: 12 inches.

Weight: 13 pounds.

Average shopper rating: 4.2 out of five stars.

It’s important to note that this Black+Decker mower, edger, and trimmer does not come with a power cord. You will need to add your own extension cord before starting on yard work. If you don’t have your own, there are many options available at Walmart for under $20. 

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Black+Decker Cordless 2-in-1 String Trimmer and Edger, $69 (was $100) at Walmart

Greenworks 24V 13-Inch Brushless String Trimmer, $110 (was $140) at Walmart

Lemolifys 12-Inch Brushless Wheeled Weed Eater, $109 (was $200) at Walmart

The Black+Decker 3-in-1 Electric String Trimmer, Edger, and Lawn Mower is such a helpful tool with a smart design that’s perfect for small yards. Score it for just $89 at Walmart by adding it to your shopping cart now.

Nuclear energy has become one of Wall Street’s more closely watched investment themes as artificial intelligence and data centers put new pressure on the U.S. power grid.

Due to data centers, AI, and industrial growth, the U.S. Department of Energy expects electricity demand to rise significantly.

The federal government has supported that forecast with dollars.

In March of 2025, the Energy Department published a request for $900 million to assist the development of American-made Generation III+ small modular reactors.

The market opportunity is so much bigger.

The Energy Department has predicted the U.S. may need as much as 200 gigawatts of new nuclear capacity by 2050 to fulfill rising energy demand.

That suggests a potentially huge opportunity for those that can get new reactors into commercial operation.

One company aiming to get there is NuScale Power (SMR).

But Wall Street doesn’t think every nuclear stock will necessarily emerge as a winner.

UBS downgraded NuScale Power to Sell from Neutral and cut its price target to $6 from $10.

That implied roughly 40% downside from the stock’s level when the analyst call was issued.

And the questions raised by UBS go to the heart of the conundrum hanging over the growing small modular reactor industry: How soon can promising reactor technology be turned into a working commercial power plant?

UBS slashes NuScale Power stock price target

UBS’s negative argument is about execution.

Competitors are going into construction, whereas NuScale has an expected build time of more than five years and no concrete client commitments, the analyst said.

UBS said such circumstances presented “meaningful challenges.”

The bank now forecasts just one NuScale project breaks ground in 2028 and sees a cumulative cash burn of $700 million from 2026 through 2028.

That provides a stark contrast between excitement for nuclear power and the dangers of actually bringing a new reactor design to market.

Those dangers are not exclusive to NuScale.

Energy Department officials have recognized utilities’ and other prospective consumers’ worries about cost overruns in development and abandonment of projects.

DOE has also projected that order books of five to 10 deployments of at least one reactor type may be required to support advanced nuclear and reach commercial scale.

NuScale has already passed a big regulatory barrier.

NuScale’s US460 standard plant design received approval from the U.S. Nuclear Regulatory Commission in May 2025.

The design has six modules each generating 77 megawatts of power, making the overall plant capacity 462 megawatts.

The NRC said its clearance means the design may be cited in applications for building permits, operating licenses and combination licenses.

The agency finished its review in 22 months, two months ahead of schedule.

Related: This ‘boring’ stock has had a 500% return over 5 years

The NRC also has the underlying regulatory documentation for the approval of NuScale’s US460 design, giving investors the key record of the company’s regulatory development.

That gives NuScale a distinctive position.

We see concrete regulatory progress.

The bigger issue is the commercial timeframe.

NuScale Power has substantial liquidity but is burning cash

The $700 million cash-burn estimate from UBS is more substantial against NuScale’s most recently disclosed balance sheet.

NuScale reported $766.5 million in cash and cash equivalents as of June 30, 2026, in its quarterly filing with the Securities and Exchange Commission.

The company also held $305.7 million of short-term investments and $820.8 million of investments.

The total of these three categories is over $1.89 billion.

NuScale reported no debt and stated it anticipates that its cash, investments, and continuous access to capital markets would be adequate to satisfy its cash needs for at least the next 12 months and beyond.

But the other side of the company’s financials provides insight into why cash burn is critical to UBS’s theory.

NuScale has lost money since company was founded and recorded a cumulative deficit of $824.4 million as of June 30.

Cash spent in operating operations was $372.9 million during the first six months of 2026, compared with $56.1 million for the same period in 2025.

The increase was mostly due to a $259.9 million payment to commercialization partner ENTRA1 and reduced collections from customers and vendor prepayments for long-lead supplies, NuScale said.

NuScale too has gone to its stockholders for a big financial infusion.

The corporation sold roughly 89.7 million Class A shares via an at-the-market program in the first six months of 2026.

Those sales yielded $1 billion in gross profits, or around $984.5 million after issuance expenses, the document said.

The weighted average price of sales was $11.14 per share.

That funding gave NuScale a major cash boost but also speaks to a key portion of the investment equation.

Until commercial projects generate sufficient cash, access to capital markets remains an important source of funding.

NuScale’s annual report also gives further insight on the company’s commercialization agreements including its ties with RoPower Nuclear and ENTRA1 Energy.

Popular nuclear stock runs into a $700 million problemBloomberg / Getty Images

NuScale’s Romania project offers a counterpoint to UBS concerns

The bearish thesis isn’t without important counterarguments.

But there are significant counterarguments to the pessimistic view. One of the biggest is Romania.

NuScale has been collaborating with RoPower Nuclear on a planned 6-module small modular reactor project at the old Doiceşti coal-power facility.

The project has moved beyond the original idea proposal stage.

Romanian nuclear power plant Nuclearelectrica stated that it would finish the second phase of the front-end engineering and design by the end of 2025.

That job comprised project cost estimates, scheduling, licensing and permitting information, and financial modelling required for the next phase of the project.

Next came a milestone of greater importance.

On Feb. 12, 2026, shareholders approved the final investment decision for the Doicești small modular reactor project.

That is substantial development for a corporation that is being challenged on its ability to transform technology into practical projects.

But making a choice to invest and having a nuclear power plant that is up and running are completely different achievements.

Nuclear plants take years to license, finance, build and complete before they generate power.

And that is the gap UBS regards as a concern.

NuScale also has a potentially far bigger possibility in the US.

More Wall Street:

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Wall Street sends strong 4-word verdict on the stock market

TVA and NuScale have announced support for an ENTRA1 Energy initiative, with plans to install up to 6 gigawatts of NuScale small modular reactor capacity throughout TVA’s seven-state area in September 2025.

The size is substantial, but investors need to differentiate a projected deployment program from reactors currently under construction or in operation.

That divergence is especially noteworthy in light of UBS’s concern regarding solid customer agreements.

So whether NuScale can turn theoretical deployments into commercial off-take agreements and ultimately construction might be one of the most crucial variables in deciding whether UBS’s gloomy thesis plays out.

NuScale Power faces competitors moving toward construction

The rivalry makes NuScale’s timeframe extremely relevant.

The Nuclear Regulatory Commission’s advanced-reactor docket shows other developers and utilities pushing projects through construction-related regulatory milestones.

For example, in May 2025, TVA filed the last part of its building permit application for a BWRX-300 small modular reactor at its Clinch River plant in Tennessee.

That helps explain why UBS is focused not simply on whether NuScale can eventually deploy its technology but on when that deployment can happen.

Timing is key in a market where utilities, IT corporations, and other big electrical consumers are looking for more dependable power.

The Department of Energy’s advanced-nuclear study projects the U.S. will require around 200 gigawatts of new nuclear power by 2050.

The agency also cautioned that the time it would take to ramp up deployment might make the ultimate buildout substantially harder.

A DOE scenario that begins large-scale deployment by 2030 and reaches 13 gigawatts per year by 2040 could put the U.S. on track to add 200 gigawatts of nuclear capacity by 2050.

A five-year delay might mean more than 20 gigawatts a year of deployment and could raise capital needs by as much as 50%.

Thus, the opportunity is potentially immense.

But speed counts.

Wall Street downgrade raises stakes for NuScale Power stock

The downgrading by UBS has left NuScale’s investors with two very different views of the company’s tale.

There is a lot of evidence for the bullish case.

NuScale has a 462 megawatt US460 plant design authorized by the NRC.

Romania’s Doicești moves to final investment decision after second front-end engineering phase

ENTRA1 and TVA are investigating a possible program of 6 gigawatts of NuScale-powered capacity.

NuScale also concluded June with about $1.89 billion in cash, short-term assets and investments and no debt.

Also, the background of the sector is positive.

The U.S. government anticipates more demand for power and has committed hundreds of millions of dollars to speed up the deployment of domestic small modular reactors.

But UBS is looking at what hasn’t occurred yet.

The bank has a long development timeframe, not enough definite customer commitments, rivals moving toward building and a significant capital burn before NuScale hits the milestones investors are looking for.

The cash dilemma is hard to ignore when considering NuScale’s own financial disclosures.

During the first half of 2026, the business utilized $372.9 million of cash in operational operations and raised approximately $1 billion via stock sales.

That doesn’t mean UBS’s $6 objective will be accurate.

They do demonstrate how important execution is.

The fundamental assumptions behind the Sell rating might alter if NuScale converts prospective projects into binding commercial agreements and makes more rapid progress toward construction than UBS estimates.

If capital continues to flow out of the firm, and timetables become extended, the analyst’s warning becomes more serious.

That makes the next chapter of NuScale’s tale less about the future of nuclear power.

The Department of Energy’s estimates are clear: Washington views nuclear power as a key element of addressing growing U.S. energy needs.

For NuScale stockholders, the more pressing issue is whether this specific nuclear business can transform regulatory clearances, alliances and planned projects into running reactors swiftly enough to justify its value.

UBS isn’t buying it.

Related: JPMorgan makes bold BWX Technologies prediction

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

With fall coming up, it’s the perfect time to spruce up your outdoor space for the season. With lounge-worthy weather here, we expect outdoor furniture prices to skyrocket. If you’re looking to get your hands on a new patio set without going over budget, look no further. We found a set for 40% off at Walmart.

Originally $116, the Lofka 3-Piece Rocking Chair Patio Set is a set you’re going to want to see. Complete with rocking chairs and a side table, it’s made for outdoor relaxation. And on sale for just $70, it’s one of the most affordable patio sets we’ve seen.

Lofka 3-Piece Rocking Chair Patio Set, $70 (was $116) at Walmart

Courtesy of Walamrt

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Why do shoppers love it?

A rocking chair is already relaxing enough. Pair it with a serene cool fall day, with the sun shining? Now, that sounds like a dream. This patio set has all the elements to make that a reality. The three-piece set comes with two rocking chairs and a side table, creating a cozy outdoor seating area. 

Each rocking patio chair measures 22.8 inches long by 28.9 inches wide by 31.5 inches high. They have an angular, modern design that differs from traditional wicker patio sets. The backrest and seat have an ergonomic curve made for comfort and relaxation, and are made of breathable Textilene fabric that keeps you cool during warm weather. The fabric is also tear-resistant and quick-drying, making it durable enough to withstand both rain and shine. The chair’s frame is made of sturdy powder-coated steel with a slip-resistant base and anti-tip design. The chairs have adjustable leg pads to keep you steady while you rock away, even on uneven surfaces. And the armrests feature wood accents that give these chairs a bit of rustic, natural charm. 

The matching side table is just 17.3 inches long by 17.3 inches wide by 15.6 inches high, providing a sturdy surface to place your drinks, snacks, or an outdoor lamp. It has a sleek tempered glass top that’s easy to clean, and it’s heat-resistant, so it can hold up against the hotter days. 

Related: Amazon’s $90 weatherproof wicker patio set has a shatter-resistant table

Details to know

Chair dimensions: 22.8 inches long by 28.9 inches wide by 31.5 inches high.

Table dimensions: 17.3 inches long by 17.3 inches wide by 15.6 inches high.

Chair weight capacity: Up to 300 pounds.

Colors: Gray and black.

The rocking chair patio set is ideal for small spaces, whether it’s a compact deck or an apartment balcony. It can even create a cozy, smaller seating area in a larger space. The set is available in two colors: black and gray.

Shop more deals

Lofka 3-Piece Patio Set, $81 (was $99) at Walmart

Lacoo 3-Piece Rocking Chair Patio Set, $125 at Walmart

The Lofka 3-Piece Rocking Chair Patio Set is just $70 at Walmart, and it’s the perfect addition to your home this fall.

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

Personal computing is no longer an occasional hobby, but a daily way of life. Whether that’s done on a laptop computer, a high-tech smartwatch, or a convenient tablet is up to you, but no matter what device you choose, you’ll want it to be functional and affordable. Many of the best deals on portable computing are at Amazon, and that’s good news. With a wide selection and quick shipping, the online giant makes computer shopping easier than ever before. Case in point, one of its most popular Ecopad tablets is currently available for a price so low we can hardly believe it.

The Ecopad 10-Inch Android 15 Tablet is only $63. That’s a shocking price for a device with one of the most advanced and intuitive operating systems you can buy. When a machine offers this good of a value proposition, it usually doesn’t last long. That’s why we recommend putting one in your cart now, while you still can.

Ecopad 10-Inch Android 15 Tablet, $63 (was $66) at Amazon

Courtesy of Amazon

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Why do shoppers love it?

This tablet is a robust machine with everything you’d expect from a portable computer 10 times its price. It includes a powerful quad-core processor that ensures lag-free operations, even when you have multiple apps open at the same time. The impressive 12GB of RAM and 64GB of ROM can also be expanded to a full terabyte using the built-in expansion port. That’s more memory than even some standard laptop computers. These impressive specs ultimately lead to a tablet that can perform at a level far beyond what most will expect from an affordable device like this one. 

The 10.1-inch crystal-clear IPS display delivers full high-definition video with a resolution of 1280 by 800 pixels. It’s ideal for movies, TV, YouTube, and even video conferencing. What’s more, it has a 2-megapixel front camera and an 8-megapixel rear camera for photos and videos that are unmatched in this price range. The long-lasting lithium battery provides up to eight full hours of video playback on a single charge, and it lasts even longer for more basic operations.

Android 15 is one of the most advanced operating systems you can get right now on a tablet like this one, and it’s well worth the cost. It has intuitive and advanced features like a pre-set dual app homescreen, partial screen recording, and AI-enabled theft protection. You also have three color variants from which to choose. Pick between black, blue, and silver, or buy one of each for different members of your household.

Related: Amazon is selling a 2-in-1 laptop and tablet for $60 that comes with a 5-piece accessories bundle

Details to know

Memory: 12GB of RAM and 64GB of ROM, expandable to 1TB.

Processor: High-speed quad-core processor.

Screen size: 10.1 inches.

Colorways: Black, blue, and silver.

Amazon shoppers were as impressed with this tablet as we were. One called it “one of the best deals I have seen in a long time,” before adding that “it does everything the more expensive brand names do, for an awesome price.”

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Yleebg 2-in-1 Laptop and Tablet, $110 at Amazon

ZZB 2-in-1 Laptop and Tablet, $62 at Amazon

Aobante 2-in-1 Laptop and Tablet, $130 (was $150) at Amazon

The Ecopad 10-Inch Android 15 Tablet is a great buy for any time of the year, but back-to-school season makes it even more attractive. For only $63, you can get a machine worth its weight in gold, so don’t hesitate if you don’t want to be left behind.

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.

Why we love this deal

With so many lovely dresses, shirts, shorts, and pants acquired throughout the years, you need the right space to safely store them away when they aren’t being worn. Apparel is expensive, and the wrong piece of furniture can splinter and deteriorate, causing delicate fabrics to catch or snag, trap moisture, leading to mildew and mold, or even give off musty odors, causing odd smells to get trapped in your favorite fabrics. Long story short, quality can’t stop with the clothes, and a high-quality dresser is needed to keep your wardrobe looking pristine through the seasons. Thanks to Walmart, however, you can get the quality at a low cost with their revolving door of sales prices, and there’s one right now that you’ll be particularly interested in if you’re focused on adequate clothing storage. 

The RichYa Dresser, a $250 six-drawer piece of furniture, is now on sale for 38% off. With two different dresser top finishes to choose from you can get the sturdy set of drawers for only $156. Sleek, modern, and simple, it’s a great addition to any bedroom. 

RichYa Dresser, $156 (was $250) at Walmart

Courtesy of Walmart

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Why do shoppers love it?

The dresser is made from medium-density fiberboard (MDF), an engineered wood material made from recycled wood fibers and resin that’s compressed with heat and pressure. The finished result is a sleek, smooth surface that lacks the natural grain and knots of traditional wood while being more affordable and more stable. The two styles that this particular model comes in vary in what the tabletop section is made of. The all-white version is made of the same white MDF material that the rest of the dresser is constructed with, but the other features a light brown wood top that, although made of MDF, has a more striped, grainy appearance.

Measuring 47.2 inches long, 15.7 inches wide, and 31.5 inches high, the dresser provides a lot of storage space with the drawers and with the spacious flat top area that can hold decor, jewelry, light fixtures, and other bedroom elements. Each drawer measures 20.9 inches long, 12.4 inches wide, and 5 inches high, with more than enough room to neatly sort and store your jeans, sweatpants, shorts, shirts, undergarments, and other clothing items. In total, the entire dresser can hold 160 pounds.

The drawers use tracks to smoothly glide in and out with ease, only helped with the metal knob fastened to the center of each drawer. They also feature a structured, rectangular design that adds texture to the sleek wood and gives the dresser a classic chic look that seamlessly blends with all kinds of decor styles.  

Related: Amazon has a freestanding farmhouse storage cabinet with 4 drawers for just $80

Assembly is needed, but instructions and any accessories are included with your purchase of the dresser. 

Details to know

Dimensions: The dresser measures 47.2 inches long, 15.7 inches wide, and 31.5 inches high. Each drawer measures 20.9 inches long, 12.4 inches wide, and 5 inches high.

Material: Medium-density fiberboard and metal. 

Weight capacity: 160 pounds. 

Colors: Two.

Not only is the dresser “very beautiful” and easy to assemble, but the drawers smoothly slide in and out, and they offer a ton of storage space. “The dresser is very good looking and feels sturdy overall,” one shopper said. Many of those who have previously purchased it love using it in children’s or baby rooms. It’s a high-end-looking piece at an affordable price point that makes keeping your clothing organized and out of sight easier than ever. 

Shop more deals 

Aiho 7-Drawer Dresser, $138 (was $180) at Walmart

Concetta 9-Drawer Fabric Dresser, $56 (was $71) at Walmart

Negylim 6-Drawer Dresser, $190 (was $220) at Walmart

Sleek, smooth, and stylish, the RichYa Dresser is a great get at just $156.

Every investor wants to own a stock that doubles overnight. Alternatively, only a handful of investors have the patience to hold companies for a decade and benefit from the power of compounding. 

Notably, investing in dividend-growth stocks is a solid strategy for building long-term wealth. 

The best dividend stocks raise payouts across market cycles, which enhances the yield-at-cost over time. In addition to a steadily growing yield, investors can also derive returns via capital gains. 

Kirsten Cabacungan, an investment strategist in the Chief Investment Office for Merrill and Bank of America Private Bank, explained:

“Companies that have consistently increased their dividends tend to be more stable, higher-quality businesses, which historically have weathered downturns and are more likely to have the ability to pay dividends consistently” 

Now, new research from Invesco shows that companies that steadily raise their dividends have quietly outrun the broader market over the last 50 years, all while falling less during downturns. 

Top dividend stocks outperform over 50 years

Here is the meat of the story. 

Invesco turned to Ned Davis Research, which tracked S&P 500 stocks by dividend policy over the 50 years ending Dec. 31, 2025, according to an Invesco report shared with me.

The results are telling.

Stocks that raised their dividend or started paying one for the first time returned an average of 13% a year.

This group beat every other group Ned Davis tracked:

Dividend growers and initiators: 13% average annual return

All dividend-paying stocks: 12.7%

Dividend payers that held their payout steady: 11.1%

Stocks that paid no dividend at all: 11.5%

Dividend cutters and companies that eliminated payouts: 9.5%

In other words, the group of top dividend stocks that consistently grew their payouts beat companies that held dividends steady by nearly two full percentage points a year. 

Compounded over five decades, that gap adds up to a massive difference in wealth.

Dividend stocks cushion market downturns

Ned Davis Research also measured beta, a gauge of how much a stock swings compared to the overall market, using rolling ten-year windows dating back to 1983. 

Dividend growers posted a beta of 0.94, while stocks that paid no dividend came in at 1.11, according to the Invesco report.

A lower beta means smaller swings in both directions, which is key during volatile economic downturns.  

More Dividend Stocks:

Does IBM pay dividends? History, yield & payout ratio explained

Does Walmart pay dividends? Its yield and payouts explained

Does Sandisk pay dividends? Will it split its stock?

Invesco’s own Diversified Dividend Fund, which leans into dividend growers, offers a real-world example. 

The fund topped the Russell 1000 Value Index in each of the seven worst market downturns since 2007, by an average of 4.74 percentage points, per the same report from Bryan Richardson, senior client portfolio manager at Invesco.

That included a smaller decline during the 2022 bear market and the 2008 financial crisis, two very different kinds of downturns.

AVGO and Nike are dividend growth stocks

Among the hottest dividend stocks over the past 15 years is Broadcom.

The chip giant began paying a dividend back in December 2010. Its annual payout has risen from $0.03 per share in 2010 to $2.60 in 2026, which translates to a compounded annual growth rate of almost 32%. 

Since the start of 2011, Broadcom (AVGO) stock has returned 12,300% to shareholders, given data from Y-charts. If we account for dividends, cumulative returns are closer to 17.270%. 

Related: Early Broadcom stock investors now earn 16.8% dividend yield

However, not all dividend growth stocks have delivered game-chainging returns. 

No strategy is foolproof, and Nike reminds us of that.

The sneaker giant has raised its dividend for 24 straight years, making it a textbook dividend grower. 

But the blue-chip stock has struggled in recent years and trades  at a 12-year low. Since the start of 2014, Nike stock has returned less than 15% in dividend-adjusted gains. 

Nike’s dividend has kept climbing even as the stock has fallen, pushing its yield above 4%. That is the tradeoff with dividend growers. 

A rising payout can signal strength, but it does not protect a stock from potential underperformance. 

Nike is struggling from slowing demand in recent yearsM. Suhail / Getty Images

The takeaway for long-term investors

Fifty years of data will not tell you what any single stock does next month.

But it does suggest that companies willing to keep raising their dividend, through recessions, rate hikes, and everything in between, tend to reward patient shareholders over time.

It is a pattern investors have seen play out again and again, decade after decade.

Related: Schwab Dividend ETF holders: Compare it to Vanguard dividend ETF

Goldman Sachs expects the Federal Reserve to raise short-term interest rates by 25 basis points this week, but the Wall Street bank says the economic case for the move is weak and sees no additional hikes as its baseline.

Goldman raised its September forecast from a Fed pause to a quarter-point increase, saying policymakers will be reluctant to surprise markets that are heavily pricing in a hike.

But the bank’s economists expect the move to have only a modest effect on the U.S. economy and say another hike in October or December is not their base case.

“Although we do not think that it is necessary to raise the funds rate, we would expect a single 25bp rate hike to have only a modest effect on the economy,’’ the Goldman note said. “We suspect that some FOMC participants will agree with this assessment, and for that reason we see the Fed’s decision as less clear-cut than market pricing of a nearly 90% chance of a hike implies.

Goldman Sachs Chief Economist David Mericle said in the note obtained by TheStreet that there’s no “strong economic case” for raising the benchmark Federal Funds Rate after this week.

“Additional hikes at later meetings are possible but are not our baseline,’’ the note said, adding that by “December, we think that further evidence of improvement in the inflation trend and greater distance from some of the key drivers of higher inflation, especially tariffs and the Iran war, will make another hike seem unnecessary.’’

The CME Group FedWatch Tool jumped to an 94.5% probability Sept. 15 of a 25 basis-point hike when the Federal Open Market Committee releases its decision Sept. 16.

Traders raised expectations of a rate hike after the August CPI report showed headline CPI up 0.4% month over month, 3.4% year over year, and 0.3% month over month for core CPI.

The Fed’s annual target of 2% inflation has not been reached in 5.5 years.

Goldman’s sees case for rate hike as ‘weak’

Fed Chairman Kevin Warsh’s hawkish tilt in remarks late August at Jackson Hole also perked many ears especially after the new chairman dropped forward guidance from his initial FOMC meetings in June and July. 

Warsh committed the central bank to the price stability side of its mandate and said if sticky inflation continued to show price pressures then “We have work to do.”

Goldman’s not convinced.

“We also see the case for a rate hike as weak because the economy is not overheated,inflation expectations are at most modestly elevated and not at immediate risk of unanchoring, and limited rate hikes are unlikely to appreciably offset the inflationary impact of supply shocks, so that whether it raises the funds rate somewhat or not, the FOMC will still mainly be waiting for the impact of past shocks to fade naturally with time,’’ the Goldman note said.

How a Fed rate hike impacts borrowing costs

Consensus forecasts expect a 25-basis-point hike from the current 3.50% to 3.75% in September and at least one other in December, 

A rate hike on Sept. 16 would be the Fed’s first increase since July 2023, but investors may care even more what the dot plot or quarterly Summary of Economic Projections indicates for additional hikes and how aggressively Warsh intends to push rates to bring inflation back to the central bank’s 2% goal.

The benchmark 10-year Treasury yield climbed to 5.04%, touching its level since July 2007 after briefly breaching the 5% mark on Sept. 15.

The 10-year yield reflects long-term economic growth and inflation forecasts which are directly influenced by the Fed’s short-term target rate. 

A hike in the short-term benchmark funds rate typically puts pressure on the 10-year yield, making long-term borrowing more expensive.

TheStreet

Fed’s dual mandate requires a tricky dance

The Fed’s dual mandate from Congress requires maximum employment and stable prices.

Lower interest rates support hiring but can fuel inflation. This risks fueling further inflation, potentially leading to an inflationary spiral.

Higher rates cool prices but can weaken the job market. This increases the cost of borrowing and further stifles economic activity.

Related: Fed rate hike only half the story as Warsh faces dot-plot test

The rate-setting Federal Open Market Committee voted 9-3 last month to hold its benchmark Federal Funds Rate target in a range of 3.5% to 3.75%. Dissenters were in favor of a 25-basis-point-hike.

Policymakers had cut rates by 25 basis points at its last three meetings of 2025 to shore up the softening labor market. 

Tariffs, Iran War supply shocks cloud price pressures

The ensuing supply shocks of tariffs and energy prices from the Iran War clouded the persistent inflation readings the FOMC members were cautiously observing.

Goldman, in the Sept. 11 note to clients, is sticking to the “one and done” theory.

“Recent increases in oil prices might also make FOMC voters who had previously been ambivalent a bit more open to hiking. 

“And even some of those who share our inflation views have signaled fatigue with explaining why continued high inflation is not evidence of overheating and is likely to fade on its own, which might lead them to not oppose a hike even if they are skeptical of its purpose,’’ Goldman said.

Related: UBS doubles down on Fed rate-hike forecast for 2026

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Related: Craftsman’s 26-piece tool set comes with a ratcheting screwdriver and bits for only $16

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Walt Disney is doubling down on enforcing a strict requirement for its remote employees that could put their jobs at risk if they don’t follow it.

During the Covid pandemic, Disney permitted corporate staffers to start working remotely to help slow the spread of the virus.

By March 2023, then-Disney CEO Bob Iger began requiring employees to return to working from corporate offices four days a week, but with some exceptions for tech team members. In an internal memo announcing the change, which was unveiled in a CNBC report, Iger emphasized that in-person collaboration is crucial.

“In a creative business like ours, nothing can replace the ability to connect, observe, and create with peers that comes from being physically together, nor the opportunity to grow professionally by learning from leaders and mentors,” said Iger.

Disney scales back in-office policy exceptions 

Since then, Disney has decided to shift gears. The entertainment giant is now expanding its in-office mandate, requiring more corporate employees to work in the office four days a week, according to a new Business Insider report. 

On Sept. 14, Disney reportedly informed some remote product and tech employees, who had previously been exempt from the in-office mandate, that they are now required to comply with it. 

The company is also now threatening to fire employees who fail to work in the office four days a week. Before this change, Disney had allegedly been laissez-faire about enforcing the rule. Some managers would strictly monitor if employees were following it, while others were more relaxed about it. 

Related: Spectrum makes significant decision as customer losses mount

According to Business Insider, Disney’s latest move is intended to reinforce its existing in-office policy, rather than signal a change in strategy. 

Disney’s decision to expand its in-office mandate comes after Josh D’Amaro became CEO of the company in March, replacing Iger, who held the position for nearly 18 years across two separate tenures. 

Shortly after stepping into the role, D’Amaro laid off roughly 1,000 employees in April. In a memo sent to employees announcing the job cuts, which Variety reported, he mentioned that he aims to “streamline” the company’s operations. 

“Over the past several months, we have looked at ways in which we can streamline our operations in various parts of the company to ensure we deliver the world-class creativity and innovation our fans value and expect from Disney,” said D’Amaro in the memo.

“Given the fast-moving pace of our industries, this requires us to constantly assess how to foster a more agile and technologically-enabled workforce to meet tomorrow’s needs,” he continued. 

Disney is reducing remote work by ramping up its enforcement of its in-office policy. Jesse Grant / Getty Images

Disney isn’t the only company reducing remote work

Disney’s in-office policy update also follows the lead of other large U.S. companies, some of which have enforced stricter return-to-office mandates. 

For instance, in March 2025, Dell began requiring employees who live within an hour of an office to return to in-person work five days a week, a move it claims will help the company keep up with the fast pace of tech innovation.

However, its enforcement of the policy wasn’t very smooth as it later had to crack down on employees who reportedly ignored the mandate.

That same month, J.P. Morgan Chase also rolled out a return-to-office mandate requiring employees to work in the office five days a week. 

More Employment News:

Strict Verizon policy leaves customers waiting longer in stores

T-Mobile makes striking workforce shift amid fight for customers

Mark Zuckerberg admits mistakes in leaked memo after Meta layoffs

The updated rule, however, sparked backlash from employees, with some even launching a petition demanding that the banking giant restore its previous hybrid work policy, which allowed them to work from the office three or four days a week. 

In January 2025, AT&T also enforced a return-to-office policy, mandating corporate employees to work in the office five days a week to improve collaboration and innovation. 

It even went so far as to use a tracking system to monitor employees’ in-office attendance. The company later scaled back its use of the system in September that year after employees expressed concerns about its accuracy. 

Many companies nationwide already have plans to reduce remote work this year. According to a survey from ResumeBuilder.com, one in eight companies plan to increase the number of required days in the office in 2026, while three in 10 won’t allow remote work. 

Reasons behind reducing remote work include strengthening company culture, boosting productivity, maximizing office space use and encouraging workers to quit. 

“If hiring slows or layoffs rise in 2026, strict RTO (return to office) policies may clash with broader labor market trends,” said Stacie Haller, chief career advisor at ResumeBuilder.com, in a statement. “Employees may comply short-term, but resentment and turnover will rise once the market rebounds.”

Related: T-Mobile makes striking workforce shift amid fight for customers

Transcript:

Caroline Woods:Joining me now is Justin Bergner, portfolio manager at Gabelli Funds. Justin, thanks so much for being here. Great to have you back.

Justin Bergner:Thank you. Caroline, it’s a pleasure to be back. I know it’s a somber and emotional day for many, but glad to be on your show nonetheless.

Caroline Woods:Yes, we appreciate you being here. Thanks for wrapping up the week with us. Let’s start by talking about CPI, the latest inflation report. Did anything change in the report or did the report change anything in terms of your view for stocks or for the fed?

Justin Bergner:Well, I think for the fed it more or less cements that they will do a September rate hike next week with a bias for a second rate hike in December. The two year yield at 4.6% is certainly reflecting that. And, you know, the fed is sort of torn between this. You know, can we ignore consistently high ish inflation or do we need to tighten against consistently high ish inflation.

Justin Bergner:And so when you get a PPI and a CPI that are slightly hotter than expected, even if it’s very slightly I think it pushes the fed towards you know, being in that we can’t let inflation continue at high levels for that much longer.

Caroline Woods:So we have the market pricing in this rate hike that you you mentioned we have oil sitting pretty close to $100 a barrel. We have yields closing in on 5%. Which of those things worries you the most? Oh and the Iran war of course is in at seven months seventh month.

Justin Bergner:Yeah. I mean, it’s all additive I guess, to some degree. You have the trade war with Cannes and to a lesser extent, other countries. You have the Iran war and higher oil prices. You have the higher yields, reflecting a variety of factors. And you have a challenge consumer. I would say the higher yields probably worry me the most, particularly on the long end of the curve.

Justin Bergner:I think that it creates a tightening. Some of that is due to legitimate factors. We’re seeing, you know, the back, the long end of the curve. The yields are go up around the world. Obviously, the Iran war and the trade war don’t help there. And we’re seeing AI CapEx push yields higher as it competes for capital.

Justin Bergner:But I do think that there was a modest mistake by Warsh in the July Fed meeting, where he complimented the long end of the curve on doing some of the tightening for the market. And that brought out concerns about fiscal deficits and bond vigilantes. And now the fed is potentially forced to tighten a little bit more than it would have had it not let the cat out of the bag in July.

Caroline Woods:So the biggest risk to this market is what.

Justin Bergner:I think the biggest risk is the long end of the curve, I think, because that, just creates government funding concerns. It challenges the consumer. It even makes, you know, AI related CapEx more expensive to fund. Right? Like not all AI CapEx is being funded on the short end of the curve. So I think it’s just a big headwind to the economy in the U.S. and other countries around the world that are also dealing with higher, rates on the long end of their curves.

Caroline Woods:Yeah, we have the S&P 500 up about 1% today, still on pace for a lower week, but rebounding pretty significantly today. Do you think investors are getting too comfortable buying here.

Justin Bergner:Well I think it’s somewhat of a bounce after the last couple of days. We’ll see what happens next week. Obviously there’s a lot going on with the fed meeting. And as you know, everyone fully returns from whatever holidays they might have been still on. I also think that maybe the market is taking comfort in a little bit more clarity about which direction the fed has to go in September.

Justin Bergner:So now that the rate hike is mostly priced in, the market can look beyond that rate hike. And it’s unlikely we will get another rate hike in November. So, you know, perhaps the fed is on hold till December. And that creates a little bit more visibility.

Caroline Woods:So is this a market that can move higher than from here.

Justin Bergner:It’s going to be challenging but it’s not impossible. You know, on the one hand you have tremendous earnings growth greater than 25% this year with low double digit earnings growth forecast for next year. You have a consumer that’s still spending out of savings despite real incomes being flat. But each of those things, you know, has some headwinds of their own, right.

Justin Bergner:Like a lot of the earnings growth is related to earnings from AI CapEx today. That will become depreciation expense for numerous hyperscalers tomorrow and work against earnings in the future. Consumer spending financed by savings can only go on so long. And the big beautiful bill stimulus is in the rearview mirror. So I certainly think that the strength in the market can persist.

Justin Bergner:I remain modestly, defensively positioned, in the funds that I manage because I think there’s more that can go wrong than can go right in the market. It is fairly expensive, but I think as a whole, you know, one is better served by looking at idiosyncratic opportunities than trying to call the market or sectors on a day to day, week to week basis against all this volatility.

Caroline Woods:Well, we’ll talk about how you’re defensively positioned. But let’s dig into that a little bit more. Because you were last on back in March and you sounded more cautious back then. I think your price target was around 7000 for the S&P 500. Have you changed that price target then.

Justin Bergner:Yeah I mean with higher earnings growth, one should you know, lift up their view of the market. I still think that, you know, the market will be hard pressed to end the year higher from here, even if there is, some strength after the election. And, you know, I think that it’s just hard to calibrate what multiple to apply to S&P earnings that are probably being boosted by 10% or more by this mismatch between CapEx today, generating earnings today and the fact that that will lead to depreciation expense that’s materially higher tomorrow and work against earnings in the future.

Justin Bergner:But you know, there’s clearly tremendous earnings strength even when you discount that. And so I do think that a market at current levels can persist for a while.

Caroline Woods:Okay. All right. So let’s talk about what playing defense actually looks like. Tell us the strategy.

Justin Bergner:Well I would continue to kind of argue for a modestly defensive orientation. Part of the challenge is being in being defensive, as you don’t exactly know, what makes for a defensive stock today with the long end of the curve higher that works against, you know, yield oriented stocks have traditionally been defensive like staples, health care and utilities.

Justin Bergner:Moreover, those sectors at least staples and to a lesser extent, health care exposed to the consumer, which is certainly the more challenging part of the economy. So I would argue to modest, defensive, you know, what’s worked for us, you know, year to date in, the Dividend Growth Fund is our large position in Merck. Merck obviously a big winner with its partnership with Moderna in the cancer vaccine.

Justin Bergner:And that just goes to highlight the strong R&D organization that they have in pharma, probably the best in large cap pharma. And the fact that that our R&D organization can meaningfully contribute not just to internal drug development, but to business development through partnerships and M&A. So the stock is run up a lot, but it’s our largest position, is not inexpensive, but the quality characteristics of the company in its R&D organization are certainly coming to the forefront.

Justin Bergner:Other names that we’ve, been, adding to, and have conviction in the name Ferguson Enterprises in the construction arena.

Caroline Woods:Justin, you mentioned that Merck has performing, has been performing well for you. It’s up, though, almost 40% year to date. Is that a hold here or would you still buy it at these levels?

Justin Bergner:Yeah, I think it’s a hold, but I’m, not. I’ve reduced my position some just to not make it to large position against recent strength. But I’m holding, you know, the vast majority of the position as I think it will continue to perform at least in line, if not slightly better than the market.

Caroline Woods:Okay. So it’d be a buy and a pullback kind of play for some of the retail investors listening.

Justin Bergner:Yes. If it was to pull back, you know, 5 to 10%, you know, relative to the market. Yeah, I would certainly look to to add there, I think that, Merck is kind of regaining its status as the highest quality large Cat pharma name, you know, outside of the whole Lilly and GLP one dynamic.

Caroline Woods:Okay. So what else do you like here? What would you add at these levels?

Justin Bergner:Sure. So one name I like in the housing and construction oriented arena, despite having a very kind of sober view of those markets, is Ferguson Enterprises and Ferguson Enterprises has actually, you know, pulled back recently along with a lot of housing oriented stocks. So it is, the largest building products distributor in the country, with a market cap of about 44,000,000,033 billion in sales.

Justin Bergner:And the company is 50% exposed to residential, but more importantly, 50% exposed to nonresidential. And in nonresidential. They’ve been benefiting, from large capital projects, you know, notably data centers. They probably generate, you know, close to 15% of their nonresidential sales, from the data center market today, where they’re supplying a variety of products, and they’ve really been showing outsized success in that market given their scale and scope.

Justin Bergner:And they’ve had a number of attributes which have allowed them to outgrow their markets by 300 to 400 basis points. Mainly the exposure to large capital projects, but also their focus on the dual trade contractors, which is HVAC and plumbing contractors, contractors that do both of that, as well as just good execution in their Ferguson home business.

Justin Bergner:They’ve recently seen our growth on the high end of that 300 to 400 basis points. They are operating well, deploying capital. Well, recently did a $1.6 billion acquisition of Flow Works to expand their presence in, pumps and valves, and that exposures increase our industrial exposure. And I think the stock can generate, $12 of earnings in the next 12 months and grow earnings at a 10% clip from there.

Justin Bergner:Even if the back up in yields slows that earnings growth to something more like 7%, you know, you’re still looking at a stock that can trade, at 20 times earnings, just given their outgrowth capabilities. And be worth $208 18 months from now. So really like Ferguson and what they’re doing just winning in their markets, however tough those markets could, might be right now.

Caroline Woods:Okay, I see you also like Smucker SJM. That one has actually outperformed the market this year. Should note that Ferguson is basically flat on the year whereas Smucker is at more than 20% year to date. So you still like it here even after that Twinkie acquisition?

Justin Bergner:I mean, the Twinkie acquisition was almost three years ago. Caroline. So I like it. As the Twinkie acquisition becomes more rearview mirror for the company. Yeah. So Smucker’s has, you know, one of the better growth profiles in consumer staples. And it’s a good example of a defensive stock that one can find a little bit more motivating in this market.

Justin Bergner:They have a tremendous set of brands across Pat coffee and spreads. Clearly, you know, they have Folgers, they have Cafe Pistola, they have Jif, they have their crust apples franchise. And they recently reported a quarter where they grew sales, you know, 5%, including 1% volume. They took up their sales guy by 200 basis points for the year.

Justin Bergner:The volume growth forecast is now flat, which might not seem great, but it’s better than many consumer staples companies. And they just have a good, you know, set of growing products. Again, in a tough staples market. I think they can do, earnings of about 1050 looking out over the next 12 months, when you look beyond some of the benefit from tariff refunds in the last quarter, and they can grow sales low single digit, mid-single digit.

Justin Bergner:From there, Elliott is involved with to, designated representatives on the board, and the company is deleveraging towards three times EBITDA. And once they get a little bit lower repurchases are not out of the picture. So capital allocation should be a source of strength. Any residual family discount. You know, Mark Smucker CEO, I think will go by the wayside.

Justin Bergner:And the company can trade at 13 times earnings and beat, you know, $150 stock or close to $150 stock 18 months from now.

Caroline Woods:Okay. So staples check. Utilities, check. Healthcare? Check. What about tech? Because I know back in March, at the time we have seen some beaten down I high fliers. You said it was too early to buy them. Then six months later. How are you feeling about tech? Yeah.

Justin Bergner:I we have a value orientation. So we have certainly a more modest tech exposure. We own meaningful positions, in Amazon and Alphabet, which we think will be winners in the LLM world and the, the cloud world. Obviously they’re spending oodles and oodles of CapEx, which has its own concerns. We also, you know, have a position in the fund and Hewlett Hewlett-Packard enterprises, which is having an exceptional day today for reasons that aren’t entirely clear, but, is just a winner in networking.

Justin Bergner:And the juniper acquisition there is going well. So we have some selective exposure in tech. Certainly. Not nothing like what a growth investor might, might have in their fund.

Caroline Woods:Given your value orientation, what would you say is the best value in the market right now, either sector wise or stock wise?

Justin Bergner:I think it’s very idiosyncratic. You know, I think it’s a market with a lot of uncertainties. And so, you know, it’s a market where you don’t take as big bets. You know, I think Ferguson Enterprises is certainly one of those stocks that I feel very confident about the long term value. I mean, if you’re outgrowing your market by 400 basis points, you know, you can still grow when the market’s not not growing or even shrinking.

Justin Bergner:So that would be one example where I think there’s really good value. But I think it’s more idiosyncratic in stock specific than sector.

Caroline Woods:Okay. So if you had to kind of sum up the that the biggest advice for retail investors, as they think about some of the seasonal September weakness that we’ve already seen as they think about heading into the fall into year end, what’s your best piece of advice?

Justin Bergner:My best piece of advice would be to look for stocks that you want to own in the next 3 to 5 years, and if they pull back, even for reasons that might be somewhat deserve it. I mean, Ferguson’s pulling back because housing is weak and interest rates are up. You know, don’t hesitate to add to those positions. I mean, it’s hard to know what the business cycle will bring in the next couple months or the next couple of quarters, the next couple of years.

Justin Bergner:And you want to own good quality companies that can grow revenue and grow earnings and aren’t too expensive. And, you know, manage those positions in your portfolio with an eye towards, you know, long term capital appreciation.

Caroline Woods:And just clarify what a pullback actually looks like. Are you talking 1%, 5%, 10%. What sort of pullback would you be looking for? Obviously if stock specific. But you know kind of broadly speaking.

Justin Bergner:I think broadly speaking you’re looking at a pullback 10% or close to 10%. You know relative to the market or whatever sector index might be relevant. I think that was that’s when you should start being more aggressive. So in the case of Smucker’s, the CEO of Smucker’s did a meaningful insider sale after the stock respond to earnings.

Justin Bergner:And that’s created an opportunity to buy into the stock somewhat lower, or to add to its position somewhat lower, for example.

Caroline Woods:So that works if you’re a stock picker. But as we think about even some of the weakness that we’ve seen this week, and you take a look at the S&P 500 and it’s only down 6/10 of a percent or 7/10 of a percent on the week, despite it feeling like a bad week because of obviously today’s bounce.

Caroline Woods:So is it kind of the strategy just to sit tight then and wait for more weakness. Or is it deploy cash because the market might keep hitting higher and these levels might are good.

Justin Bergner:I think it’s to sit tight. Caroline. I mean, you can certainly justify a much larger pullback in the market than we saw over the last week, given the back up in yields and what that could do to the discounted value of, stocks, future earnings and cash flows. I also think there’s just a lot of volatility ahead in the coming weeks.

Justin Bergner:And, you know, I would just, encourage, you know, folks to be mindful of interest rates and what they mean for the value of all assets. You know, it was in 2000, in the fed funds rate got to 6.5% before the market crashed. So the market may be able to tolerate a number of interest rate hikes, but it just feels that any upside from here is going to be much more of a grind higher than, something more material from a broader market point of view.

Caroline Woods:Okay. I think this is a great point to pivot to our rapid fire round of this or that you’ve played before. Quick questions, quick answers. No hedging. Are you ready, Justin?

Justin Bergner:Sure. Let’s go.

Caroline Woods:All right. Here we go CPI reassuring or concerning.

Justin Bergner:Concerning the.

Caroline Woods:Fed next week. Hike or hold. Hike one fed hike healthy reset or start of a bigger problem.

Justin Bergner:There’s going to be two hikes. I think it’s a needed reset.

Caroline Woods:Hundred dollar oil market killer or manageable headwinds.

Justin Bergner:I think oil by itself is a manageable headwind.

Caroline Woods:Ten year near 5% opportunity or danger zone?

Justin Bergner:Danger zone. I don’t know if it’s next next month or next year, but definitely danger zone.

Caroline Woods:Stocks or bonds at today’s yields.

Justin Bergner:I would argue for bonds. I think that while we are in a long term rising interest rate cycle, the recent moves feel a little bit too far, too fast.

Caroline Woods:Okay, but if you do buy stocks growth or value for the rest of 2026.

Justin Bergner:The value personal always lean towards value. But, I don’t think it’s going to be a huge differential. But I would argue for for value because value is more defensive stocks. And I think defensive stocks will do a little better.

Caroline Woods:I stocks buy now or hold off.

Justin Bergner:Hold off higher interest rates. This levels aren’t great for them either.

Caroline Woods:Mega cap tech keep riding it or diversify away.

Justin Bergner:I would say keep riding. I think it’s a good place to have meaningful exposure in this market.

Caroline Woods:Best name to play defense with.

Justin Bergner:Oof!

Justin Bergner:That’s a tough one. I guess I would just say, you know, something generic in health care brands like Merck. Yeah, Merck’s run a lot. So I wouldn’t say it’s the best generic, necessarily the best generic name in health care, but feels like just, you know, owning the health care sector as a whole wouldn’t be a bad place to be.

Caroline Woods:Stock the market loves that you’d avoid.

Justin Bergner:Stock. The market loves that I would avoid.

Justin Bergner:That’s a that’s a tough one. Because I’m not sure what the market loves today. I would just probably say a memory area, because even if the AI cycle goes on longer, I think there will be new Chinese capacity and there’ll be limits on how quickly we can build.

Caroline Woods:Market pullback, buy it or wait for more downside.

Justin Bergner:Wait for more downside.

Caroline Woods:S&P 7000 possible or off the table?

Justin Bergner:Definitely possible in a pre-election pullback.

Caroline Woods:But if you had to make a call market by your end higher or lower from here.

Justin Bergner:Touch higher.

Caroline Woods:Finish this sentence. If I had $10,000 to invest, I’d put it in.

Justin Bergner:$10,000 to invest probably. I mean, today where everything stands today, I probably say money market is is fine, particularly if, rates go up a little more.

Caroline Woods:And finally, the best sector to own if the fed hikes rates is.

Justin Bergner:

Justin Bergner:That’s a tough one. But I would say, if the fed hikes rates, let’s just say twice, I would say industrial stocks, given the recent pullback, given a practical place, I there are a number of industrial names I own. I like Paccar just because I think the trucking cycle is finally, recovering. So that would be a name on the industrial side.

Justin Bergner:But there, there are a number of names that one could own.

Caroline Woods:All right. We’ll leave it there. Justin Bergner, a portfolio manager at Gabelli Funds, thank you so much for playing and for your insights and picks. We really appreciate it.

Justin Bergner:Thanks so much, Caroline. Pleasure to be on.

Caroline Woods:If you enjoyed this street talk, check out our full interview with Ross Gerber. He says he’s getting defensive as well, and reveals the tech stocks that he’d still scoop up at these levels.