Digist here at the New York Stock Exchange, one of my favorite personal guests to kick off the broadcast with.
I mean, Tuchman and I were just, of course, but I mean it.
Tuchman and I were just, I was stunned.
I had to come check with you to confirm my numbers were correct.
It doesn't feel as if this is the 7th day of.
Gains from the Nasdaq and the S&P 500.
It feels the sentiment feels much more sour than that.
What are you seeing as you look up at yet another day of green?
Yes, no, you're absolutely right.
When you brought it up as well.
I was like, no, it can't be right, but yes it is.
You know, I think that.
The geopolitical headlines are just so negative and just you know war and casualties and you know that's just, it's never anything good to read so you just always feel that things are worse than they are probably, but yeah, you kind of saw things kind of shift last week and maybe hopefully there was a relief rally.
There were some thoughts that we're going to get closer to a ceasefire versus an increase in the hostilities or at least the market was hoping.
That was how it was going to turn out as we approached Trump's deadline.
We've got the turnaround before, you know, over the weekend or before the deadline on Tuesday.
That's what the markets really wanted.
That's why we had that big pop yesterday.
And so it just just followed the price action, right?
The markets have been telling you they want peace or they want an end to hostilities and they want the straight open.
And so that's exactly the price action we're seeing.
Yes, we don't have a ton of earnings going.
Right now we're in that kind of weird soft spot between, I know, and remarkably I mean we're right around the corner from another big earnings season that puts the emphasis on economic data.
We did get a bit of an old dated PCE print tomorrow, but tomorrow or today rather, but tomorrow we'll get a big one for CPI, really our first gauge on pricing pressure since the conflict in Iran first broke out at the end of February.
What are you going to be looking for and your sense on what investors will be looking for as we get that print tomorrow morning?
Yes, so I think I think that CPI definitely the more up to-date data tomorrow, you know, PCE was from February, but PCE showed that we were still getting inflationary pressures coming into this probably inflationary pulse from the Iran war and oil prices.
So you know how the March data lines up, you know, with the February data is going to be interesting.
Goods inflation is still very high.
From the PCE print, right, so the tariff pull through that's still occurring.
So we're going to have to see does that change in the CPI data with tomorrow with the march in there with the March data in there does housing still come down the housing pricing that has been ticking down, does that continue to come down because that's been a disinflationary effect on inflation.
So just, you know how these, how these headwinds or.
Crosswinds are kind of interacting with each other.
Are we getting any closer to the Fed's 2% inflation target because we haven't come close to it yet?
Yes, of course we'll hear what Jerome Powell has to say for what's expected to be his final press conference at the end of April.
Why have you less than a minute left.
Look at these software names.
Snowflake down 11% on the day.
These names have gotten throttled.
Cloud flare down another 9%.
Further AI disruption.
Yes, it's the return of Sapocalypse.
We had.
A lot of updates from from some of the big AI vendors, the big model vendors, anthropic especially.
We also had, you know, just Amazon come in with their own, you know, solid, very, very rosy takeaways on on their shareholder letter, their annual shareholder letter.
So the AI trade is happening still semis ripped today, trounced software, as we said, and so, you know, with Maybe the geopolitical tensions kind of somewhat moving into the background, maybe sort of, you know, that kind of trade that, you know, long hardware, short semis, that kind of trade is kind of popping up again and so it's going to be tough to swim against that narrative.
Maybe earnings could turn the tide for the software names.
We're going to have to see.
Yes, we've got a couple of weeks out before we get those names.
Eric Riscolo, thanks for joining us and kicking off the broadcast.
Nice to have you here as always.
Always a pleasure, man.
