Hey, it's Kramer, and this is my morning take on the market from today's CBC Investing Club morning meeting.

We had a really hot number this morning in jobs.

Now, I want to dispute the idea that this is a disaster because I had been worried about a recession more than I had been worried about the idea that we have a hot economy, although I don't like to see wages go up 10 cents. That's a little bit less than I thought. But it is moving interest rates, and when we move interest rates, we have a decline in the more. Sure. I mean, it's stocks fighting the bond market right now. You had the 10-year spike above 4.75 percent, the 30-year touched five. But you bring up the jobs number, more jobs added than

expected, but yeah, wage growth. 3.9%. I think estimates were around four kind of stabilizing

around that figure. So perhaps an actually a good sign there, but when bonds are up this much,

it's going to freak people out. Right.

And what we have is what I call it, it's a reset. We had a lot of people who felt that they would buy stocks when the Fed cuts rates. They didn't want to fight the Fed. They thought they had the Fed on their side. You can't have the Fed on your side anymore because the Fed was not data-dependent enough. also didn't factor in that it would be a peaceful resolution

to the election. We got that. Now, we do have a terrible tragedy, and I don't want to necessarily

say, here, here's a way to make money on a tragedy. But our decision to buy Home Depot

is deeply involved with what I've seen happen in gigantic,

horrible, natural disasters over and over.

And I want people to understand our buy of Home Depot is very in sync with Target being up,

Costco being up, Walmart being up.

This is initially regarded as a rate play, but will be regarded as the ultimate rebuild play.

Sure.

I mean, Gordon and Haskett, they're estimating the fire

could lift Home Depot comp sales by 30 to 40 basis points

in fiscal year 2025.

If you look back to the Hurricanes, Milton and Helene,

last year, that also gave a 55 basis points lift to the third

quarter estimate to $200 million benefit. And by the way, there was a note by Truis today. They

pointed out that their car data shows Q4 running ahead of their estimate. So obviously this is a

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