Money Monday: Wall Street whiplash

It's 8-11 here on Your Money Monday, so let's take a look at the markets as we start off this week. Okay, at last check, you can see the Dow was up. I think the market's now trending towards everything being up now that the market's opened up, so we'll see it reverse very quickly there. Well, last week saw a good spike, then a massive drop following the midterms, and some concerning news over AI companies. I want to talk to Fox Business contributor Gary Kaldbaum. Gary, always good to see you. Happy Monday to you, sir. Good morning to you. Okay, I think the last time we spoke, we always say that Wall Street likes mixed government, right? Democrats control some Republicans. So the stock went up. And then we had the big drop-off. What's your take on what happened with the election now? I wish I could put my thumb on Wednesday and Thursday where we opened up 1,000, finished up 1,500. And then on Thursday, dropped 1,800. Sometimes it's just a news-driven market, and you just got to let itself play out. My message to the viewers is watch oil prices and watch yields. Oil prices have been coming down recently. That's good news fundamentally at the pump as well as for business. And yields have been coming down also. If that continues, I think the market gets better. But the AI business is worrisome. I've been worried for months about how much debt is out there. How much they have promised to spend and whether they can make money off of this going forward. And the stocks have been a big penalty on them. There are some stocks down 50, 60 percent over the last few months. I'm not sure the worst is over. Now you have this NVIDIA news where the CEO is entangled with an affair with a supposed spy from China. That's a movie in itself. Yeah, Gary, I'm curious here, too, because a lot of people in their 401ks have tech-heavy stocks or indexes there. So what do you do at this point? If it's come down that much, do you move it out or do you stay and hope it corrects? What's your advice there? Well, most 401ks will have diversification in what's there, and there's usually not a lot of tech central, but if you're in tech, it's been a worrisome last few months, but I have to tell you, throughout the decades... Technology has always won out because the strongest growth is in those areas, but it just got way overdone, and I can't call it a correction. It's been a real big, brutal, bear market. But as far as the rest of the market, I'm not going to say it's okay, but it's definitely not as bad. And I just have to repeat myself. If oil prices come down and we get away from what caused them to go up and yields come down, that's a one-two punch in the favor of investors. When it's been a negative for investors over the last few months, there's been an absolute direct correlation with airlines and cruise lines and travel and retail with oil prices and yields going up. And they've actually on a relative strength basis recently have done better because they've been coming down. So those are the two things to watch. And of course, the noise out of Washington, D.C., which may get less noisy because of gridlock. Yeah. All right. Thank you, Professor. So if you have any money left, put in the market. Right. I don't know. There's nothing left, Gary. There's nothing left. All right, Gary Kalbaum, always good to see you, man. Have a great day. Everything will be okay, my friend. Okay, my friend, you take care.