Let's bring in the man himself, Michael Ryan King, senior market strategist down here at the big board.
Wow, we got a lot going on.
Yeah, yeah, we got markets moving higher, you know, everybody's, everybody's happy, smiles on the faces of everybody in New York City, especially with the Knicks in the finals.
Dude, Jalen Brunson bump here for the major market indexes.
What's going on with PCE because I feel like there's something in this for everyone.
If you're more concerned about pricing pressures, maybe look at that core number going up to 3 to 3.
Maybe could be worse.
What do you make of it?
Yes, look, I think you know the numbers came in a little slightly better than feared, right?
But we did see an acceleration, you know, kind of on the annual, on the annual readings, you know, the bigger story right now is that we all kind of know the Federal Reserve is on hold, right, at least for the time being, you know, as we're going to see some of those inflationary pressures, you know, start to build, you know, continue to build in the next in the coming months.
However, right, with what's going on, you know, with the discussion.
Around diplomatic resolutions in Iran, right, that can take kind of some of those that like a move lower in oil prices will definitely take kind of the inflationary pressures out of this market, right?
So you saw yields pull back a little bit today, right, and that's why we've continued to see just kind of a broadening of this route.
I mean, it's interesting as we've seen equities reach all-time highs for the most part, West Texas Intermediate and Brent Crude, those are our two big oil benchmarks.
We've got big pops up.
We got big pops down, but for the most part.
Since the start of the conflict we've been relatively range bound.
They haven't really, hasn't really broken up much above 105, hasn't really broken down, maybe below where's it at now, 90, 95.
Yes, so I think actually from a technical perspective, right, we have seen a little bit of a break here in Ice Brent, right?
So it's sort of interesting to start this week, right?
We broke below the 50 day moving average for the first time since the conflict and we haven't been able to reclaim that throughout this week.
Now this morning, right, we did kind of break.
Yesterday's lows were at around $93 on ice rent.
The 100 day moving average and then the February and kind of April lows are right around $85.83 to 85.
So we have about 10% of potential downside here if we start to kind of get a better sense that this 60 day kind of proposal or ceasefire proposal is going to hold.
I want to get your take on how much of this ongoing rally is led specifically by tech and.
Names, I mean, it's not every day.
We take a look.
Healthcare was the big winner on the day.
We don't get to say that very often, but overall, what are you seeing out of the generals leading the pack?
Yes, look, so I mean, interestingly enough, within healthcare, it was the megacap name within that sector, Eli Lilly, up over 3% as they got approval from the PBMs for their weight loss drugs.
But we also saw, which is the real big key in this market, is kind of earnings, right?
And we had some very strong earnings within healthcare today as well.
Adil.
Going to put up strong numbers.
The stock was up over 15%, right, which helped the life science companies within that sector.
That's been a really kind of an underperforming sector, you know, tech has clearly been, you know, kind of the standout here, you know, as we continue to see kind of that move from the semiconductor names to other areas, you know, kind of like memory where you see supply shortages, but now today's strength really came from in the way of software.
Which has been a big underperformer as well, right?
And we saw kind of those software stocks, you know, kind of leading to the upside.
The IGB was up at least 3% the last I looked at.
Yeah, I mean, Snowflake shares up almost 4%.
I wrote in my notes a couple of hours ago, up 30%.
I came in here to work an hour ago and I was like, no, no, more like 38%.
We're going to talk more about Snowflake shares in just a bit, my man.
Thank you for being here as always.
It's awesome to kick off the show with you.
Very grateful for your time.
Absolutely, thanks for having me.
Take good care of Roco, grab your mic.
Let's go Knicks.
Jalen Brunson and them Knicks.
