US stocks (^DJI, ^IXIC, ^GSPC) slipped from record highs on Friday as the Federal Reserve's rate cut rally faded following a surge in Thursday's session..

Infrastructure Capital Advisors CEO Jay Hatfield joins Market Domination to speak with Julie Hyman and Josh Lipton about the moves in the markets this week.

“We really just thought they wouldn't raise 50 [basis points] because we think the Fed really needs to be reformed. They have a very rigid, rule-based approach," Hatfield says, who later added that the Fed "absolutely should have cut in July. That became obvious to everyone.'

As the 2024 presidential election approaches, investors are waiting to see how the results will impact their portfolios. When speaking about the impact of the election, Hatfield says "we do have two different targets — 6,700 if the Republicans sweep and they cut taxes to 15% because the regulation, it helps a little bit."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Conor Hickey.