This is CBS I on the World.

This is CBS I on the World.

Here's John Batchelor.

This is CBS I on the World, I'm John Bachelor. The American Economy at Mid-year.

I welcome Elizabeth Peek. She's a columnist at the Hill, comments at Fox News, much on Fox Business, to comment on the mysteries of the markets,

especially the equity market, given the now popular way of talking about it is the s and p

for ninety three

and the magnificent seven what does that mean what's it what's it talking about

does it tell us anything

about where we are in the recovery from the pandemic, where we are in the midst

of a presidential contest, and where we are looking forward to the word recession that never appeared in 23, though promised, and hasn't appeared

in 24. Has it gone away?

Liz, a very good evening to you.

The SMP 493 is a way of referring to all the companies that are not Magnificent Seven.

Right now, they're hesitating, perhaps because the price of money is the highest in decades,

perhaps because they're anticipating a recession.

I can't tell.

Can you, Liz, good evening to you?

Good evening, John.

I think what we have seen, and we've commented on this over the last several weeks, is increased concentration of investor interest in those seven stocks. And when I say increased investor interest,

I'm just talking about a number of news articles,

I'm talking about the fact that that's where the money is gone.

...