Nuveen Cio Saira Malik assesses the status of the US market and shares its economic outlook for “Barron’s Roundtable.”
Treasury Secretary Scott Bescent said on Sunday that he has no worries about the US market in the long term despite stocks falling last week amid the threat of President Donald Trump’s tariffs, saying Americans have a “transition” rather than a “transition.”
Bescent made a statement when he appeared on NBC’s Meet the Press, saying, “The market won’t be building for a week.”
“There’s 6.7% of GDP, these massive government deficits,” Bescent said. “We’ve never seen this when we weren’t in the war. It’s not in the recession. We’re defeating them in a responsible way. We’re making a transition.
Bessent said the stock market correction was “healthy” and “normal.”
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Treasury Secretary Scott Bescent on Sunday said the US market was “not worried” in the long term as the Trump administration is trying to “transfer” wealth to America. (Victor J. Blue / via Bloomberg / Getty Images)
“It’s straightforward that’s not healthy, that is, it’s an euphoric market,” he said. “That’s how you get a financial crisis.”
“If someone put the brakes on ’06-’07, they could have prevented the issues leading to the 2008 crash,” Bessent said.
“So I’m not worried about the market,” he said. “If we implement good tax policies over the long term, deregulation and energy security will be in place, and the market will be great.”
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After seeing massive swings early in the week due to rising trade tensions, all three of the US major benchmarks recorded solid profits on Friday, with the Dow Jones Industrial Average rising 1.6%, while the S&P 500 and Nasdaq Composite exceeding 2%.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| I: DJI | Dow Jones average | 41488.19 | +674.62 |
+1.65% |
| SP500 | S&P 500 | 5638.94 | +117.42 |
+2.13% |
| I:comp | Nasdaq Composite Index | 17754.08602 | +451.07 |
+2.61% |
Still, during that week, the Dow lost 3%, with the S&P 500 and Nasdaq composites above 2%.
Last weekend, Trump was asked about possible recession.
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“This is a transition period, because what we’re doing is so big. We’re bringing wealth back to America,” Trump told Maria Baltiromo on Fox Business’s Sunday Morning Futures.
Suzanne O’Halloran of Fox Business Digital contributed to this report.
