Stock market performance doesn't matter what the Fed does, Nancy Tengler says

As markets cool following the Nvidia (NVDA) led tech rally, CEO & CIO of Laffer Tengler Investments Nancy Tengler joins Market Domination Overtime to offer insights on current market and economic conditions.
Tengler expresses hope for a market correction, stating it "would clear out all the rubble" and ultimately benefit markets. She views such corrections as opportunities for long-term investors to find favorable entry points. Drawing parallels to the 1990s, Tengler suggests, "We're not at the 1999 end of the decade; we're in the middle of the decade."
Regarding Federal Reserve policy, Tengler downplays its importance, noting that even if rates are cut once this year, it's unlikely to significantly impact market dynamics. She cautions against letting mixed Fed communications drive portfolio decisions.
For investment strategy, Tengler recommends focusing on "old economy companies" with "long-term secular tailwinds." She cites Walmart (WMT) as an example, higlighting its integration of AI into its legacy business model. "These are companies that have pivoted, and those are the ones we want to own," she advises.
However, Tengler expresses concern about the state of the consumer, particularly noting that low- to mid-income consumers "are getting squeezed" in the current economic environment.
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