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Stocks Rebound But Gains Limited

Rob Black Show

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**Podcast:** Rob Black Show

## Transcript

Looking for strategies to help you protect your portfolio in these uncertain times? Visit robblack.com. Robblack.com. Powered by EP Wealth. Got a lot of tech for you today, especially on NVIDIA. Have U.S. wholesale inflation stories, AI robotics stories, SpaceX set for its mega debut tomorrow morning.

Taking a look at the markets today, we have the S&P 500 up one third of one percent. The Dow Jones Industrial Average up 70 basis points. The Nasdaq up 43 basis points. And the Russell up 1.4 percent. The Russell's leading. Volatility's picked back up due to the situation in Iran. Trump vows more Iranian strikes if it holds out on a deal.

Hard times coming tonight is what he promises. Gold down 29 bucks, down three quarters of one percent. Bitcoins, it's at 62,685. Brent crude is lower. That's telling to me when you start thinking about what's going on with Iran right now.

So the markets got a nice bid early on this morning. Probably driven higher by the buy the dip interest in the tech sector. Overall lower oil prices in spite of another round of military strikes by the United States and Iran. Perhaps even some glad tidings about the New York Knicks epic, epic comeback.

If you didn't watch that, oh, what a heartbreaker for the Spurs. What a elation for the Knickers. The Knickerbockers. So things aren't as nice, though, between Trump and Iran. President Trump posted on Truth Social, the United States will be hitting Iran very hard tonight at some point in the not-too-distant future.

We will be taking Carg Island and other oil infrastructure points and assume total control of their oil and gas markets, much like we have with Venezuela, which is working out brilliantly for both Venezuela and the United States of America. That's pretty bold. Not only are we going to strike you, we're going to take your oil and your oil fields. That, in real world, would cause the market to sell off with higher oil prices.

In a bizarro world that we're living in right now, just another reason to buy the dip on AI tech stocks. We did get some bad news on inflation, and that will affect future earnings on stocks. The producer price index for final demand increased 1.1% month-over-month in May. Excluding food and energy, the index for final demand jumped 0.4% month-over-month.

On a year-over-year basis, the index for final demand was up 6.5%. The index for final demand, excluding food and energy, up 4.9%. Now, what does that all mean? I hate talking inflation numbers because it's missed on them by a lot of people. For example, producers aren't finding much price relief. Hence, consumers won't find much price relief in the near term either, unless producers choose to absorb the higher costs and lose earnings.

The weekly initial and continuing jobless claims report didn't upset things much. Initial jobless claims for the week ending June 6 increased by $4,000 to $229,000. Jobless claims were higher in the...

Stocks Rebound But Gains Limited

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Stocks Rebound But Gains Limited

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.