- U.S. economic data is “uniformly bad to ugly” right now, and the country stands “at the precipice of recession,” according to Moody’s Mark Zandi, but investors are bullish, driving up stock prices—especially in tech—because they are anticipating that the Fed will cut interest rates later this year. However, the Fed may be forced to hold back owing to inflation from President Trump’s tariffs. Traders seem to be ignoring the macro risks today; global markets were broadly up, as were S&P 500 futures this morning.
S&P 500 futures were up 0.74% this morning after the index itself closed up 0.73% yesterday. A lot of that jump came from tech stocks: The Nasdaq Composite closed up 1.21% after a blowout earnings call from Palantir, which added another 3.62%.
