Brian Szytel recaps an up day in markets amid a V-shaped recovery, with the S&P closing up 0.8% at new highs, the Nasdaq up 1.5% in a tech-led rally, and the Dow down 72 points; the 10-year yield rose about three basis points to 4.28%. He notes markets are increasingly pricing in some resolution to the U.S.–Iran situation as a blockade takes effect and negotiations progress. Sector moves included strength in AI/tech/software and a rebound in asset managers. Economic data showed continued housing weakness as the NAHB index fell to 34 (vs. 37 expected) and transactions remain slow despite builder incentives, while the Empire State manufacturing index surprised positively (11 vs. -0.5) and import prices were better than expected (0.8 vs. 2.4). He also discusses Ken Rogoff’s book on deficits, arguing excessive debt is ultimately deflationary.

00:00 Market Rally Recap

00:33 Ceasefire and Iran Talks

01:07 Tech and Asset Managers Surge

01:27 Housing Data Turns Weaker

02:22 Manufacturing and Import Prices

03:12 Debt Deficits and Inflation Debate

04:54 Closing Thoughts and Outlook

Links mentioned in this episode:

TheBahnsenGroup.com