Inflation Resistance

Consumers seek value as they revolt against high prices

Highlights

• Consumers seek value as they revolt against high prices…

• …which is not surprising in the context of elevated financial strain

• Productivity growth offsets wage inflation concerns

• Charting out the commodity complex doesn’t produce a pretty picture

Key Takeaways

Stock Market Shakes Off Nuclear Fears

• The stock market managed to shrug off increasing nuclear fears in the Russia-Ukraine war yesterday, reversing hefty losses and finding bullish support at the 21-day trendline — but that support does look rather tenuous. The key market message lay beneath the surface where breadth was mixed at best.

Nvidia Earnings In Focus

• With respect to today’s overnight action, an optimistic tone has taken hold in U.S. equity futures and European trading. Asia was mixed and bond markets continue to see yields drift higher. Gold is trading lower while Bitcoin breaks above $93,000. Looking ahead, nothing matters more than Nvidia’s upcoming earnings report — not just for chip stocks and AI-related names, but for the overall market.