Daily Briefing: Stocks Rally as Investors Shrug Off Consumers’ Concerns
Markets rebounded sharply Friday, with the Dow Jones Industrial Average on track for its first positive trading session after six consecutive down days. Federal Reserve Chair Jerome Powell said engineering a soft landing would involve “some pain,” as the central bank remains on track for 50-basis-point rate hikes in June and July. U.S. consumer sentiment fell to its lowest in more than a decade, as April data from the University of Michigan survey showed a drop from 65.2 to 59.1. The average per-gallon price of gasoline hit a new high and continues to weigh on the minds of Americans. And the geopolitical situation promises more constraints on key energy and food supplies. Tony Greer, founder of TG Macro, joins Warren Pies, founder of 3Fourteen Research, to discuss the energy market’s impact on the broader market. We also hear from Alex Gurevich, who says there’s a 0% chance of a soft landing. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3NfvoGC. Watch the full interview featuring Alex Gurevich and Raoul Pal here: https://rvtv.io/3w9TH38.