On this Veterans Day market update, Michael Hartzman and Dominick Tavella break down a chilly start to winter—both in temperatures and in the markets. Despite a modest pullback, year-to-date performance remains strong, with the S&P 500 up 15%, the NASDAQ up nearly 20%, and emerging markets leading with more than 31% gains.
The conversation centers on two major concerns shaping investor sentiment: whether the AI-driven rally resembles a tech bubble, and the ongoing government shutdown and its impact on everything from travel delays to food assistance programs. Michael and Dominick compare today’s AI boom to the late-90s dot-com era, noting that unlike the unprofitable companies of 2000, today’s tech giants are backed by real earnings and massive infrastructure investment—but the long-term winners are far from certain.
They also address inflation trends, recession fears, hiring data, small-business labor behavior, sector performance, and why utilities and data centers are unexpectedly benefiting from rising AI power demand. Looking ahead to 2026, they outline reasons for cautious optimism, while warning that unresolved tariff challenges and a potential Supreme Court ruling could spark short-term volatility.
Don’t miss this insightful discussion—tune in to stay ahead of the markets!
------
Lebenthal Global Advisors, LLC is a registered investment advisor. Lebenthal Financial Services, Inc is a FINRA registered Broker Dealer. The content of this podcast is intended for informational purposes only and is not intended to be investment advice. The views expressed in this podcast are subject to change based on market and other conditions. Information about the qualifications and business practices of Lebenthal Global Advisors, LLC is available on the SEC’s website at www.adviserinfo.sec.gov. Information about the qualifications and business practices of Lebenthal Financial Services, Inc and its representatives can be found on FINRA’s BrokerCheck website, https://brokercheck.finra.org/