What Drove the Q1 Rally
What’s in Today’s Report:
- What Drove the Q1 Rally?
- Weekly Market Preview: Does A Soft Landing Become More Likely?
- Weekly Economic Cheat Sheet: ISM Manufacturing today, Jobs Report Friday.
Futures are little changed as oil prices are higher following a surprise OPEC+ production cut, while investors digest the recent rally.
OPEC+ announced a surprise production cut of 1.16 million bpd and oil rallied as much as 8% on the news, although it has backed off those highs (up about 5% currently).
Economically, the EU and UK manufacturing PMIs were generally in line with expectations and aren’t moving markets (47.3 for the EU and 47.9 for the UK).
Today focus will be on the ISM Manufacturing PMI (E: 47.5) and oil prices, and a continued steep rise in either (so a hotter than expected PMI or oil moving sharply higher from current levels) will be a headwind on stocks.
Sevens Report Quarterly Letter Delivered Today
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