"Brent crude leaped to $116.51 a barrel this morning, putting the global benchmark on track for a record 59% monthly surge, the steepest since the 1990 Gulf War."
"Consumer sentiment has collapsed to 53.3 on the University of Michigan index, firmly in recessionary territory, with households pricing in persistent inflation from elevated oil prices."
"Markets seem to underappreciate the potential hazards, including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices."
The SPDR Dow Jones Industrial Average ETF has declined 7.2% in the past month and 5.49% year-to-date, influenced by the US-Israel war with Iran and surging oil prices. Brent crude reached $116.51 a barrel, marking a potential 59% monthly increase. The OECD predicts US inflation will average 4.2% this year, driven by energy costs. Sentiment on Reddit regarding the ETF is bearish, with consumer sentiment dropping to recessionary levels. Financials, comprising 27% of the ETF, are under pressure, with warnings about geopolitical risks and inflation.
Read at 24/7 Wall St.
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