Jeremy Siegel, former Wharton professor of finance and WisdomTree chief economist, joins 'Closing Bell' to discuss Siegel's thoughts on equity markets, if investors will buy this dip and much more.

Wall Street

Wharton School Professor Jeremy Siegel expressed continued confidence in the stock market, despite recent disappointments and concerns over Federal Reserve leadership and tepid treasury auctions. Siegel highlighted that strong corporate earnings and positive guidance are supporting the market, even as new tariffs are introduced.

Siegel also noted that the Trump administration's flexible approach to tariffs, particularly with technology companies, has provided some relief. He agreed with UBS's assessment that while tariffs may slow growth and increase inflation, they are not expected to significantly harm the U.S. economy or halt the equity rally. Siegel suggested that if the Federal Reserve adopts a more accommodative stance, there could be room for interest rates to move lower.

Jeremy Siegel: Investors will buy this dip as earnings remain strong

Let's ask Wharton School Professor of Finance Jeremy Siegel, he's also Chief Economist for Wisdom Tree. Welcome back, it's nice to see you as always. Good to see you, Scott. You still like this market? Yeah, I still like it. I think there were some disappointments today. I actually think the Bloomberg report that maybe Waller is the top candidate rather than Warsh. He is not seen as a dovish for Fed chair. And I think that that kind of discouraged the market a little bit. Continuing claims, boy, did take a jump. Really, we have the situation. They're not firing, but they're not hiring. And so, you know, how do you deal with that situation? And then, of course, we've had a couple of tepid treasury auctions today. The 30-year, 10-year wasn't great. Yesterday, you know, and after this big run, I mean, it wouldn't be surprising to see with those news items some sort of a back down here. Is it the pause that refreshes? Do you think it's one of those dips that's going to be bought? Yeah, I think it is. And because the earnings are really coming in so well and the guidance is coming in really well, you know, given the upcoming tariffs. I mean, they're beginning to be able to specify how, you know, how much the tariffs will cost. And that quantifiable amount, I think, is doable for most firms. To say the least, now, you know, Trump announced new tariffs, but he also sort of blew this hole through the tariffs, you know, saying, you know, to the chip manufacturers, you know, start building something here and, you know, you won't have any tariff. Of course, you showed at the top of the hour what's happening in the chip companies, particularly Apple. I mean, I think that that was a really, you know, a big positive surprise. I think that continues to show real flexibility by the Trump administration about these tariffs. And, you know, basically, you come to the table, you're going to get a good deal. Those that don't, you know, will be put on those tariffs. But most are coming and getting deals. Sounds like you would agree with what UBS is suggesting today, Professor, where they say the fundamentals look to keep the market supported despite the tariff impacts. Our base case remains, they say, that the U.S. effective tariff rate will settle at around 15%, enough to weigh on growth and lift inflation, but not enough to derail the U.S. economy or the equity rally. That sounds pretty much like it melds with your view. Yeah, that exactly. I mean, it will slow down inflation. Now, you know, most are, you know, it's going to start showing up, but, you know, it's going to be in the 3% range. And I mean, Waller and Bowman, I mean, others, you know, have urged Powell to say, listen, I've got to see through these tariffs. This is a one time tax increase. Don't treat it as, you know, too much demand driving those prices upward. And, you know, that's I mean, obviously, Trump wants someone that represents that view. If that view gets more pervasive on the Fed, then, you know, then we should see those rates go down, because we do have inversion of the curve. You know, I look at the Fed funds versus the 10-year, you know, and Fed funds at 4-4, you know, and 10-year at 4-2 does give us room to move down there.

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Washington

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Jerusalem

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Moscow

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Beijing

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Kyiv

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