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Is the Stock Market Broken? Falling Inflation is Not the Good News it Seems to Be, Says Ilya Spivak

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ticker lesson

Breakdown

0:03lesson

Inflation data and Fed testimony

  • Inflation data out but markets uncertain
  • Kevin Warsh's hawkish testimony
  • Economic data continues to arrive
  • S&P 500 consolidates without clear direction
2:34S&P 500· ticker

S&P 500 consolidates in range

  • S&P 500 range-bound since mid-May
  • Volumes diminishing, momentum flat
  • Market seeking direction from war/trade
  • Crude oil stalls as oil shock fades
4:58lesson

Bond market and inflation expectations

  • Bonds attempt to carve out bottom
  • Yields fall after weak CPI but reverse
  • Global central banks shift hawkish
  • War and oil shocks influence inflation read-through
7:28US dollar· ticker

Dollar weakens after oil shock

  • Dollar sogs after CPI spook
  • Resisting former resistance level
  • Rising trend bounds questioned
  • Momentum shifts but direction unclear
10:13PPI· ticker

PPI shows energy-driven decline

  • PPI drops 0.3% month-on-month
  • Core PCE rises 0.2% vs forecast 0.4%
  • Energy component falls 6.4%
  • Crude oil decline lags in PPI data
12:51lesson

Fed's inflation concerns and AI

  • Kevin Warsh downplays AI inflation
  • AI demand may be one-time price spike
  • Fed waits to hike amid oil inflation
  • Pricing in 23 basis points for 2024 hikes
15:47Retail sales· ticker

Retail sales weakens consumer impact

  • Retail sales expected to fall 0.2%
  • Gasoline prices lag oil price drops
  • Refinery shortages limit refined product
  • Consumer spending squeezed by inflation
18:30GDP· ticker

GDP growth driven by AI investment

  • First-quarter GDP 2.1% growth
  • Investment drives 14% of economy
  • Consumer spending slows to 0.9%
  • Inflationary growth risks recession
21:16lesson

Global PMI and economic divergence

  • Manufacturing growth vs service contraction
  • Australia/Eurozone/UK show divergent trends
  • AI tailwinds create inflationary pressure
  • Consumer sectors face contraction risks
23:42lesson

Market positioning and strategies

  • Long Aussie, EUR, and silver
  • Short calls on S&P/Nasdaq for downside bias
  • Crude oil and TLT call verticals
  • Bond market volatility favors duration

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