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Stock market's recent rise is a 'junk rally': CIO

Yahoo Finance Video

Jim Smigiel, SEI Chief Investment Officer, discusses the recent market rally, big tech earnings.

You can see the full interview here.

Key video highlights

00:25 On Meta's rise

00:34 On junk rally

Video transcript

JIM SMIGIEL: It is quite the day. If I would have read the-- nothing, but the transcript from the Fed meeting yesterday, I would not have guessed we would be seeing some of the numbers that we're seeing today. The market just does not want to believe that the Fed is going to continue to be hawkish and remain hawkish. And we have multiple price cuts baked into the cake here by the end of the year. And we're seeing that play out.

I mean, all the numbers that we saw earlier on the screen, Meta up 20%, good old AMC up with the six handle as well, I mean, this is really quite the rally. Can I call it a junk rally? I probably would call it a junk rally at this point. Too much disconnect, quite frankly, between what's happening with monetary policy and what the market's interpretation of that is right now. We're a bit befuddled.