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welcome back to fast stock market news where i give you all the news as fast as i can so today was a nice little green day guys we had a nice little uh bear market rally a lot of people are saying that and i personally am in the camp that it believes that as well as we see the s p 500 finish it up 2.45 in the green the dow finishing up 2.15 on the green nasdaq finishing up 2.51 in the green the russell finishing up 1.7 in the green overall guys um personally and none of this financial advice i would still wouldn't go in the market there are way too many headwinds today's rally was basically driven by um tech stocks as well as energy overall driving the market forward uh a lot of people believe that energy is going to continue to go up higher based on the demand that will be required especially during the summer holidays when a lot of people will be going out and traveling that means a lot more jet fuel for planes that means a lot more gasoline for just overall families and even as uh we rallied today the goldman sachs actually raised their chances of the us recession to 30 over the next year so it's still like it's still a very bearish camp we're in guys and uh stocks actually rallied because we were honestly well overdue for a bit of a bounce we were massively oversold last week we had our worst week in about two years just by the charge this looks absolutely abysmal and today was a nice little green day but as i mentioned me personally guys i'm i wouldn't go all in and as cramer stated here basically uh inflation won't come down anytime soon if tuesday's rally lasts so if equities continue to go up higher that means that the inflation is going to persist guys overall we kind of need in in order to get this inflation down we need the market to go down and we need interest rates to keep rising and actually kramer some sums it all up in this clip right here that i'm going to pull up for you guys take a look higher interest rates lower stock market they are doing their job causing consumers to pull in their horns it's all good for the fed so far except one problem after all that negativity and caution we learn this quote once again in this market we are at prices that are still significantly higher than the year go period higher so after that higher rates declining stock prices lower price adjustments we still haven't popped the bubble scarce rentals and greater household information inexorably drive home prices higher so in other words all this stuff that i read that made me feel like you know what we are going to be seeing a top in interest rates sometime soon wrong just wrong there is good news in this report though there are a lot of rich towns where lennar's building when i was out west in silicon valley i heard many execs how they intended to pull up stakes from their home turf and moved to some of these towns the ones that were mentioned atlanta charleston nashville reno cities like in colorado this pattern is consistent with what lennar is saying why are these tech companies moving well there's simply aren't enough engineers in silicon valley so wage inflation is nuts and because there are so many potential employers these engineers have all the leverage so the companies would rather move to new cities where there are fewer potential employers and people can't job hop as easily job hop remember that term that's wage inflation oddly these new wealthy cities are a godsend for jay pal because he needs to break still one more cycle wage inflation and the tech industry is finally doing something about it it's walking i predict the first mass layoffs will be in of all places silicon valley as the larger companies migrate to cheaper locations and the smaller companies struggle to raise money guys basically if the market keeps going up it's not going to do the bet any favors overall we're just gonna like in a very tough situation market goes up uh fed gets more aggressive with interest rates market goes down our portfolios tank and people start to go in and we basically go into a recession so it's a very hard balancing act overall so uh yeah guys that's basically what's happening today in the market um thanks again for watching the video and i'll see you guys again tomorrow take care everyone thanks again everyone for watching fast stock market news if you enjoyed the video consider subscribing commenting or liking the video i would greatly appreciate it my name is gio and i'll see you tomorrow guys take care
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