JD Durkin: Hello. Welcome to the broadcast, the 22nd edition of the JD Durkin Show live from the trading floor of the New York Stock Exchange. We'll get a quick look, give you a sense of what investors have in store on this Friday morning, October 23rd. October 23rd, I think that's right. At this hour, the major market indexes, the top line figures in the red, the S&P down about 0.1%. The Dow, the hardest hit, Goldman Sachs and Caterpillar, the two most weighted stocks in the Dow, helping to drag down that index down more than a full 1%. The Nasdaq is down fractionally at this hour, and the small caps, Russell 2000 in the red, 0.5%. The big story on this Friday morning, Apple today, the official global launch of the iPhone Duo, the company's first ever foldable smartphone. Pre-orders for the iPhone Duo. Sold out almost immediately last week. The highly anticipated piece of hardware now retailing for about $2000 but for now it is unclear whether people want it because it's kind of a larger iPhone or if they want it because it's kind of a smaller iPad. Either way, as AI and tech stocks here on Wall Street have gotten absolutely throttled here the last few days over concerns of overspending and circular financing, Apple and its brand new CEO John Turnus. They're kind of having the last laugh right now. Apple has been criticized repeatedly by critics here on Wall Street for not being aggressive enough on AI spending the last few years, but as of this morning, Apple stock, not only the best performing name in the Mag 7 year to date, shares are also literally right now trading at an all-time high. Year to date, shares of Apple up 27% compare that to 11% for Nvidia, 8% for Amazon, while names. Tesla and Meta as of today are negative for the year. Shares of Apple closed yesterday's session at 348, a new all-time high close. We'll take a quick look at the FinViz heat map, give you a sense on what sectors are up, what sectors are down, what stocks in those sectors are making big moves. Technology not bad in terms of a bit of a rebound here. Obviously a lot of those stocks have been under pressure week to date. Micron, the outperformer up more than 3% over to communication services, telecom, kind of that deep purple color for the teams at Google as well as Meta, and then a whole lot of red for these other sectors that to be fair, have been the big winners on Wall Street the last few days as we had that rotation out of AI, out of the splashy stuff. Healthcare, financials, industrials in particular, really weighing down the major market index. Cycicals and defensives down as well. They often move inverse, but at least for today, kind of both trading down. Energy stocks are the big outperformers, and with that we'll take a look at two stocks in the Dow that have very different storylines as of this Friday morning. The first Dow component, Chevron, that's ticker symbol CVX, opening this morning at a new all-time high. The best name in the Dow today. And the best name in the Dow so far here in 2026, up 49% year to date, up 24%. Since the war in Iran started that very last weekend back in February, Chevron set to report quarterly results one week from today, that's next Friday, October 30th. We'll take a look at one Dow component that is not up on the day, and that is shares of American Express AXP down after earnings earlier. Today we did get Friday morning results. We don't frequently get Friday morning earnings, uh, but we did earlier today from Amex. Despite the strength of its higher income consumer base, card transaction volume for Amex grew by 8% for the quarter. That sounds great. Unfortunately, it's just not what Wall Street analysts were expecting. Shares of Amex, uh, down 13% for the year. We do have one comment that just came in. Uh, producers, let's pull this up. What do you think about STM? I gotta be honest with you, I don't know much about STM. Producers, can we pull up the chart for STM? Let's see what we got here for our friend while we, uh, await our first guest of the day. Oh, STEM Electronics, STV, uh, down today, looks like it's been kind of stuck in a downward trend since June 10th. Uh, we'll look at a few more of the numbers. Looks like they report results. Very soon. Next Thursday, the twenty-ninth, uh, we'll bring you more, uh, we'll kind of crunch the numbers between now and the end of the broadcast, and we'll see it go. Producers, are we good with our first guest?
Producer: Yes, we are.
JD Durkin: OK, folks, time to talk about the midterm elections. I love this stuff. We're now less than 2 weeks to go until the November 2026 midterms up for grabs. All 435 House seats, 35 Senate seats, 36 governor's races if you include Guam. A brand new Reuters Ipsos poll puts the president's approval rating at just 31%. Democrats leading Republicans on the generic congressional ballot by 12 points. And according to the AP and the University of Chicago, 85% of voters say the US economy is a top issue on which they are motivated to vote. Nearly 8 in 10 disapprove of how the president, at least right now, is handling the cost of living. Join us now to break it all down. Politics reporter, my very dear friend, speaking of Chicago, Daniel Strauss joins the show. Daniel, good morning. What's going on, man?
Daniel Strauss: Good morning, JD. How are you?
JD Durkin: Doing great. You know, speaking of Chicago, I remember the first time you and I met, you'll remember I kind of crashed your birthday party, and, um, and you, and you said, yeah, I was at Coney and Ivy down in DC years ago, and you made me do a shot of Malorts because you're like this is old school Chicago tradition, man.
Daniel Strauss: I'll do one now if you want.
JD Durkin: I think I could still taste it all these years later, dude. I'm it's regrettable. No, I appreciate you being on the show today. All right, listen, if we got people that are saying, hey, I kind of knew the midterms were coming up, but I haven't been paying that close attention, what are the Big things I should know as I get ready hopefully to cast my ballot on November 3rd. Where do you start? How do you start the description?
Daniel Strauss: I mean, look, I would describe it as a wave election. That's how both Republicans and Democrats view the outcome of These midterm elections at the federal level and for governor's races and in the past few days, really in the past few hours, JD, we've seen market tellers about where each party thinks their fortunes are headed. Democrats are starting to put more money into states that aren't just swing states or states that are usually up for grabs, but ones that are reliably Republican in deep red states. In the past 12 hours I've gotten texts and Uh, emails from Democratic strategists and Republican strategists about Mississippi, a state that very rarely, uh, elects Democrats anywhere, but still, Democrats are feeling pretty optimistic that they can move, uh, state legislative seats and maybe have a chance at a United States Senate seat there, which would be unheard of. Still, I would caution against. Any kind of complete sweep. If you're a Republican looking for hope, I'd actually look at Iowa and the Iowa Senate race where incumbent Senator Ashley Hinson has continued to show a resilience that her counterparts in other states around her and really across the country haven't really shown so far. We don't really know what's going to happen, and I always like to caution. Uh, anyone who thinks we do know, but it's looking pretty uh pretty promising for Democrats right now. And that's partially just because the economy is the main issue on voters' minds right now. Uh, and Trump's approval rating has really helped Democrats because most Republicans in this party in elected office have tied themselves closely to the incumbent president.
JD Durkin: I hadn't planned to ask you this, but remind me for, for what you know about the president's travel schedule. I feel as if he's done a lot of campaign rallies, places like Alabama, places that might be a head scratcher and non-intuitive, you would assume that's a pretty safely GOP area. Why is the president, why is the Republican Party spending so much of their bandwidth on some of those? States, what do we know and kind of what does that tell us?
Daniel Strauss: There's, well, two things. One, there's a fear in any election cycle, there's always a campaign that wins that nobody expects to win, and there's always a campaign that everyone expects to win that actually loses. And that is the big uncertainty on Republicans' minds right now. Could there be a flip in a place in a part of the country that they just weren't looking because they were, they thought it was too safe? And at the same time, the president himself has strongly bristled at reports, uh, that he is not wanted by embattled candidates running for governor or senator, and he wants to disprove that notion by actually going there and campaigning, having big rallies, having a candidate stand on stage with him, and then eventually go on and win. Now we don't know if they'll win, but let me tell you, more more than a few candidates are bristling and trying to keep a low profile when the president comes.
JD Durkin: Daniel, insert obligatory James Carville classic it's the economy stupid. What else is it? What are these top issues that voters are saying? They are that is most motivating them to take part in the midterm election even if there is no presidential ballot at the very top of that of that ticket for them.
Daniel Strauss: I mean, look, the other thing is health care, and there is a real frustration among voters about uh rising premiums and rising costs for health care. This is usually the number one issue outside of, uh, pocketbook issues on voters' minds, and there is a skepticism on. Among voters in swing states and safe blue and safe Democratic states about how this incumbent Republican Party is going to improve their lives on health care. And that's partially because Donald Trump with control of both the House and the Senate, uh, watched Obamacare subsidies expire, raising premiums for most Americans across the country. Um, and then third. There's a, there's a, a, a sense among voters that this White House and this administration is not as focused on their well-being as they are on the wealthiest Americans on profiteering, on, on cutting taxes. And we've seen that, you know, the president hasn't really done himself many favors by focusing so much on his architectural changes to the White House and his ambitions to build a ballroom.
JD Durkin: Uh, Daniel, correct me if I'm wrong, I think the Democrats need to not only, uh, let's just talk, talk about the Senate for a second because the House is kind of its own thing. Uh, Democrats need to hold their seats in a few of the key battlegrounds, Georgia, Michigan. New Hampshire. I know you know the state of Michigan very well, but they also need to pick up a handful more of that. Maybe jump ball category Maine, Alaska, Iowa, North Carolina, Ohio, the Talarico race down in Texas. Most of those states Donald Trump won not once, not twice, but 3 times. How are you thinking about the Senate map, not just a hold in a place with like where they have the El Sayed Rogers race going on. Michigan, but a handful of these other ones as well.
Daniel Strauss: There is a lot of attention on the Texas Senate race. That's usually what happens. Democrats for a long time have always hoped they could flip Texas. I remain skeptical. Uh, the most likely flip, uh, from what I'm seeing is the North Carolina Senate race where, uh, outgoing governor, or sorry, former Governor Roy Cooper is in the driver's. Seat over Michael Watley, the former RNC chair, and he's led for most of the cycle. This is a state that I would still characterize as light blue and, uh, regularly elects uh governors and senators among the Democratic Party as well as Republicans, but it's looking really good in their direction. There are other more, more hyped states. Uh, Maine also is one that Democrats are really hopeful about. I'm very. Skeptical here because Susan Collins has a brand, has managed for a while to keep some distance from Donald Trump, and ultimately, uh, chaos within the party there and who they've nominated has been really problematic. Now the wild card for me is Kansas. Kansas is important because it is a state with a robust Republican Party that usually has control on, on most. Uh, legislative offices there, but is constantly inundated with infighting. And this allowed Democrats to occasionally win the governor's mansion, uh, congressional seats there as well. And here, uh, incumbent Senator Roger Marshall is in a tough, tough fight against Adam Hamilton, a first time candidate and Reverend of one of the biggest mega churches in the state who's shown real competitiveness, uh, in this race. But I listen, it is not a, it is not the most ideal map for Democrats in the Senate, but it is one where there is potential for pickup. The last thing I want to point out again is I really am skeptical that, um, Voters, even if Democrats retake the governor's mansion in Iowa, that that will trickle down to the Senate race. Ashley Hinson there has shown some real, real resilience here, and that might uh pull her through. It's just one of those races where we could easily find out the results on what is it Wednesday the 4th or the next few days after that we're like wow, a lot of voters walked into the ballot booth and they voted for a Democrat here, but then they voted for a Republican there. It's not so much of a clean kind of drop down, um, because it's a listen, there, there's no president at the top of the ballot to kind of vote and, and lead a full ticket down. And these are people to your point like Susan Collins or Ken Paxson or whatever. These are very familiar characters to the voters in those states.
JD Durkin: Yeah, and look, and by the way, I just want to mention on Michigan as well, uh, that's gonna be a squeaker. Uh, Democrats have, have had real apprehensions about their nominee, Doctor Abdul El Sayed, despite some real talent that he holds. And Mike Rogers, the Republican candidate, has been hitting him hard on Mostly outlandish accusations that he's a jihadist, that he's a terrorist, but most polling has shown him within the margin of error, and it's possible that Democrats could win the gubernatorial race and split their ticket farther down in the Senate race. You know, the Elsayed race is one of those things where I'm reminded Twitter is not real life, right? I feel like you and I have considered this a lot. Like we see these big viral moments, we see the smooth campaigning. But like, I don't know how much of like what we see on social media is reaching the hearts and minds of voters. And like I, I was like we just see like local, uh, news political attack ads that's gonna drive a lot of this sentiment. Um, I want your take on the, uh, yeah, go ahead.
Daniel Strauss: Oh, yeah, I mean, look, that's the thing I would caution anyone following or or jumping into, uh, the state of the race for midterms right now, especially in Michigan. You ask both candidates, you go on the ground there, they are not talking about, uh, the attacks that Republicans are lobbying at Doctor El Sayed, but he's still a new candidate. There's still, um, some hesitance among Democrats toward him. So it's going to be closer than, uh, I think most other races across the Rust Belt, but he looks to be the favorite.
JD Durkin: Dude, what's up with this Ramaswamy race? I was just with someone in Vegas from, from, uh, from Ohio. He was telling me about this, the attack ad that used the mother of the other candidate, and because I'm, I'm a lot more removed from that world than I used to be, I was hearing about it for the first time. What's your sense how things are playing out there?
Daniel Strauss: So this is a state and a race that usually and was presumably a very, very heavy Republican leaning race in favor of the Republican candidate. Vivek Ramaswamy, um, a deep pocketed former presidential candidate, was a front runner for most of the cycle, but has seen his lead evaporate. And as a Hail Mary attempt, his team in his larger orbit ran an ad featuring his opponent, Doctor. Amy Acton's mother, uh, speaking direct to camera, saying that she, uh, does not trust her daughter. She should not be trusted. On the surface, this looked like a pretty damning thing for the Democratic nominee, but it turns out that Doctor Acton has been estranged from her mother, that her mother, uh, was married, her, her mother was married to a man who sexually abused Doctor Acton and then fled and Uh, Doctor Acton's mother left with him. So it's a very, very controversial ad. Many Republicans, from the sitting, uh, Republican governor to, uh, the previous Republican governor, previous senators have all denounced the ad, but, uh, Mr. Ramaswamy and even Vice President JD Vance have said that they should keep it up. It's a fair hit. I'm very skeptical at this point. I think they overdid it, and Republicans I've talked to have said this is the kind of ad you A research more closely, and B, you run if you're 10 points down, and uh Mr. Ramaswamy is about 2 points down. So it looks like a um a miss here, and it might be something that costs him the governor's race.
JD Durkin: Daniel, I'm about out of time. How will you be spending election night down there?
Daniel Strauss: I mean, that's a good question. I mean, I'm just gonna be following the polls and, uh, probably either on the ground in Michigan or stuck to my phone with a number of strategists here in DC.
JD Durkin: Drinking malort, no doubt, absolutely, dude. I hope you and your family are doing well. Please give my, my best to absolutely everyone, your dog Jasper in particular, dude. I love you, man. It's been far too long. Please come back and see us here on the show anytime.
Daniel Strauss: Come down to DC and visit.
JD Durkin: I'm looking forward to it, dude. We'll talk again soon. The great Daniel Strauss, longtime buddy of mine from Capitol Hill. Uh, all right, folks, moving along with the show at this hour. Crypto is moving well beyond, of course, the world of Bitcoin, two of the biggest trends reshaping the industry right now, tokenization. And this whole AI thing, Wall Street increasingly embracing tokenization, the basic idea being turning traditional assets, things like stocks into digital tokens that could be traded on a blockchain. Coinbase is leading the action, recently announcing tokenized equities offering in Abu Dhabi. The move comes as major players embrace how blockchain technology could could change the way markets operate, and then. As if all of that weren't enough, there's a gentic AI, AI that can one day very soon make investment decisions and execute trades on behalf of you and me with a lot less human involvement. John Dagostino joins the show now, one of my favorite go to voices in the world of crypto, head of strategy at Coinbase Institutional. John, I'm gonna put you on the spot just a little bit. I know you're up at Harvard right now. You are, you are molding the minds of the future of America. What are you talking to the people up there in Massachusetts about? And thank you for being here.
John D'Agostino: So first of all, thanks for having me. I'm sorry I can't be there. You know, I love being on the floor with you, uh, JD. It's the iconic. Uh, ironically, based on what you just said, uh, I'm here at the Harvard Blockchain and AI conference, uh, because we are increasingly seeing a merger of these two technologies, as I think I've said on your show before, if. AI is scalable intelligence and blockchain is scalable truth. Then not only can they work together, they better work together.
JD Durkin: That's awesome, dude. Put that on a bumper sticker. That was really good. I was like, oh man, John, hit, hit hard. Uh, Coinbase recently announced a tokenized equity, excuse me, tokenized equities offering in Abu Dhabi. Walk me through the thinking there from you and your team. Why is this so important?
John D'Agostino: So, so you had a great lead into this. You talked about this transition, if you will, from one form of value transfer to another. And I was thinking, uh, and that's a little scary for people, but I was thinking how the floor you're standing on, there was a point in time where somebody said it's absolutely insane that we would trust a digital electronic ledger to house our ownership of stock. I need a physical piece of paper or it's not real. And then for 100 years or so it became 50 years it became digital. And now all we're really saying is there's an evolution occurring now of a better form of digital ownership. And tokenization allows for fungibility across borders. It allows for instantaneous settlement. And so what we're doing in Abu Dhabi is we are tokenizing for now it's about 7 stocks. It's soon to be 2000, and we are discovering that there is an insatiable appetite for US equities around the world. And that's a good thing. That's a great thing for Coinbase. It's a great thing for our country. The notion that the economic miracle that is US capital markets is desired by retail and institutions across the entire planet, including the billions of people who can't get a US brokerage account, is something that should be celebrated and what we're discovering in Abu Dhabi.
JD Durkin: John, there's a lot being made about tokenized stocks for people who are kind of just hearing of it or have heard of it and don't really know the ins and outs. What is, what is it all about if someone were to say what is a tokenized stock? Make this make sense for us.
John D'Agostino: Sure, I guess the simplest way I can describe it is we're taking um the current digital ledger that records your stock ownership, which exists on a, let's like a private company server effectively, and we are. Moving it to an electronic representation called the token that is much more flexible and it can trade across the world and across different types of electronic systems and it opens up liquidity options. It also increases the probability that you can use that asset to borrow. So the very, very simple example I've been giving people, which I think I think holds is if somebody came to you, JD, and said a buddy came to you and said or two buddies came to you and said, I want to borrow money and you only had enough for one. And one of them had a bar of gold as collateral and one had a share of IBM as collateral. Depending on who you are, depending on your experience, your knowledge set, you may find one form of collateral better or worse if you are a gold dealer. And who doesn't have a brokerage account and you you know where to sell gold if you need to, you're going to take that bar of gold that's going to be good collateral to you. If you are a broker or you're JD Durkin, you know how to sell a share of IBM, you're going to take the share of IBM. Neither is inherently better or worse. It's entirely a function of your ability to move it if you need to satisfy those collateral requirements. So when you start to move all of these assets from equities to real world assets to real estate onto blockchains that can talk to each other easily and that people can buy and sell much more easily, then you open up the credit potential of those assets which is a big, big part of the value of those assets.
JD Durkin: What are the biggest hurdles that still remain to really making this more mainstream or in your estimation, John, are we like right on pace with where we should be?
John D'Agostino: So, we're right on pace, but nothing substitutes time. Um, it took far longer than it should have for the floors to go electronic, and there's bad reasons for that, and there's good reasons for that. Those systems are incredibly important. People don't like to learn new systems. Uh, they're difficult, even if they're not difficult. Unlearning what you know and relearning something new is scary. My daughters want me to learn how to use Apple products. I'm an Android guy. I have the ability to, to learn Apple. I just don't want to at this point in my life. So there's an inertia and a resiliency that's a resistance that's built. To all of us and so we just crypto has to get better at making the onboarding ramps easier and simpler to learn, but it's just a function of time. It's a better product. It'll win over time. Um, I wish I could predict the acceleration rate. I do know it's accelerating, but, but nothing is a substitute for, for time and experience.
JD Durkin: John, I was just out of Money 2020 in Las Vegas. A lot of stablecoin talk, a lot of tokenization talk. Every other word was agentic. I wanna, I want your take on agentic trading. Probably I mean in some degree it's already happening, but walk me through kind of this iteration where really as we talk about the evolution of all this, you know, finan financial technology and what it means, I as the human being, I still do control my portfolio. I make those decisions, but what is a near term future look like where an agentic agent is now sort of more emboldened, more empowered to make those investment decisions on my behalf.
John D'Agostino: Well, I mean, look, you, you, you do and you don't, right? If you put in a limit order, you're trusting another human being and another set of systems to actually give you final price, right? So, so I think we, we, we, we give up more control than we think, but it's a very, very valid point. So at what point will we be where an agent for a regular human being, not, not a hedge fund, right, a regular normal person, an agent is making, uh, not just research decisions or recommendation engine, it's actually making risk decisions. It's taking risk. Much like driverless cars, the tech is already there. I would argue that a well-trained agent, even when you can build off of a cloud Pro subscription, is probably going to have a more disciplined, if it's narrowly defined. Trading a track record than the average person because of emotion, because of an experience. The question is not technical. The question is sociological and legal, like how long before we have the protections in place. I know for example if I put an order with my with my adviser at my bank and they mess it up, I know where my recourse is. I don't think we've figured out where that is with. AI agents, so all that's gonna have to be figured out before they're taking on risk, uh, decisions for people, but the potential is clearly there because a lot of what we do in finance and trading and investment is, um, is rote to some degree, right? Tax loss harvesting, tax loss harvesting, all those, all those kind of simple things. That's clearly something an agent or a vault, an agent enabled vault should be able to do. And when all these assets are on chain, they can do it much more easily and they can collateralize with other types of assets because they're all fungible. So the short answer to your question is it's happening very aggressively. We are now in the phase of the recommendation engines and the research components. Everything leading up to that final decision is heavily influenced, if not replaced with agents. 11 word of positivity for your viewers, um, I'm on the board of a hedge fund. They just hired more analysts because of their use of AI, not less, because it's opening up so many more markets for them to trade. So I don't necessarily think this means a crazy job loss, but I do think we have to figure out as a society, where will the risk lie and where will the recourse lie. And as soon as we do that, JD, uh, it's off to the races.
JD Durkin: Yeah, so I wonder about liability as well. What happens, not to be a doomsayer here. I'm empowering AI agents, limit orders, the whole nine on my portfolio. I'm saying, you know, I'm telling my agent at the open, I want you to dump all my shares in Microsoft, use what's left to go buy into Nvidia or SK Honics or whatever it is, um, but my AI agent gets it wrong. There's a mistake. Is it, is it up to the brokerage and the exchange? Is it the AI company's fault? Is it my fault? Where's liability gonna, gonna, gonna ultimately fall if and when, God forbid, things don't go exactly according to plan, and how do we determine that?
John D'Agostino: What happens when your driverless car, you know, runs over, you know, someone, right, that we, we, we have to figure this out as a society and until we do, the technology will be to some degree limited. But I will say this, there, there is a trend now of blaming the technology, this PHP hack that I'm sure your viewers are reading about. Um, this is a, uh, a situation where the technology was useful in discovering the, uh, the vulnerability. But the actual hacking is happening from people directing the technology, so I think we just have to be careful about anthropomorphizing the tech and demonizing the tech for what bad actors are doing with the tech, but you're exactly right, the legal stuff, the sociological stuff, the philosophical stuff has to get all get figured out before we turn over these essential functions to agents.
JD Durkin: Yeah, I'm glad you said philosophical stuff because there is some philosophy involved in all of this. This entire world, you're right, I'm standing on the most iconic trading floor in the world. The iteration of all, all these things, it kind of does come down to philosophy, trust, liability. Um, I'm about out of time, but I got a couple of quick little rapid-fire ones for you. If you're willing to play ball with me. First up, Bitcoin at the end of 2026, higher or lower than where it is today?
John D'Agostino: Oh, you're killing me. If I could predict price, I'd be sitting on my own island somewhere, but I'm gonna say, I'm gonna say higher.
JD Durkin: Tokenize stocks, hype or the future of Wall Street?
John D'Agostino: Absolutely. that, that I can speak with a lot of experience. It's 1 million% the future of Wall Street.
JD Durkin: Will we see 24% stock trading become the norm?
John D'Agostino: Yes, but it's gonna take longer than expected, and it's not because it's not useful. It's because all the sys the current systems that the exchanges are like the CME just announced they pulled back from 24/7 trading. Their systems were designed for a fixed day, and it's not as simple as just saying leave the lights on overnight. So, um, that's gonna take time for the traditional exchanges to catch up, but we already have it now with Hyperliquid and Coinbase, and, uh, that'll continue to grow.
JD Durkin: Biggest misconception about crypto right now, John.
John D'Agostino: That it suffers because of AI that AI is drawing attention away from AI. AI and crypto are complementary, not competitive.
JD Durkin: John Dagosino, I'm really grateful that you and the team at Coinbase are able to make this interview work, especially with the app at Harvard. Please come see us again here on the floor. Uh, where can people go if they wanna see more of your stuff, dude.
John D'Agostino: Uh, my Twitter handle, John J Dagostino, uh, it's probably the best way.
JD Durkin: Yeah, it certainly is, and it's one of the best Twitter accounts out there. John, we'll talk again soon, man. Thanks for joining us today.
John D'Agostino: Take care.
JD Durkin: 10:31, 1 minute to go. Uh, we'll quickly tick through a few of these comments, producers, if you wanna uh throw these up, in particular, the ones shouting out my videos. I think this is me. It says if this guy stops making videos, maybe that's me, maybe that's Daniel or John. Uh, I will be blanked, so please keep making videos, please. I assume that's in reference to my kind of daily wrap-ups. I really do appreciate that. Uh, we had a comment here about SK Heinix. Talked about it briefly there with John, but, uh, we'll continue to cover that. Uh, isn't Ono Stock X at the top of tokenization, also an industry leader in there as well. Btocks also being traded. Thank you one and all for all the comments, as always, we had too many that we could get to. It's a shortened version of the JD Dirk. show today. But don't worry, we will be back next week. Whole new edition of the show next Friday, October 30th, 10:00 a.m. right here from this very trading floor. I, of course, will be hosting that show as well. As always, my special thanks to Launch Live Now and the producers here at the New York Stock Exchange on the 12th floor control room later on today, 4 p.m. whole new edition of Taking Stock, which I also host. Thanks for watching the show on this Friday morning. I'll see you again later on today for the close.
