Stocks Shrug Off Inflation Concerns, and How High Crude Oil Is Going 4/3/23

CNBC's "Fast Money"

CNBC

News, Business, Investing

3.9 • 1.3K Ratings

🗓️ 3 April 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Oil prices surged Monday after OPEC+ announced a surprise output cut over the weekend. And while that may have increased inflation concerns, major markets still held up relatively strongly, with the Dow & S&P both notching their fourth day of gains. Plus top analyst Paul Sankey sees crude heading even higher in the weeks and months to come. What he says is in store for energy prices and stocks. Fast Money Disclaimer

Transcript

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0:00.0	Right now on fast, oil surge OPEC Plus cutting out by over a million barrels a day.
0:07.4	WTI and Brent spiking, energy stocks rallying.
0:10.2	But the market greeted this news with a yawn.
0:12.8	We'll break down this mostly muted reaction, plus tapping the brakes on Tesla, despite
0:17.0	the EV maker posting record EV deliveries, the stock dropping on margin fears, do investors
0:21.8	need to prep for more selling ahead.
0:24.0	And later, Mickey D's hitting new highs ahead of corporate layoffs, Macy's rising after
0:28.2	big street upgrade and some healthy returns in the healthcare sector.
0:32.0	I'm Melissa Lee.
0:33.0	This is Fast Money.
0:34.0	We're live with the Nasak Market site on the desk tonight, Karen Feynerman, Tim Seymour,
0:37.2	Guy Adami, and Jeff Mills.
0:38.8	And we start off with the sharp spike in oil prices, WTI crew trading above the $81 mark
0:43.6	at its highs today, its best level since late January, benchmark Brent, topping out
0:48.0	above 85 bucks and move coming after a surprise announcement from OPEC Plus on Sunday
0:52.9	that the oil cartel could cut output, would cut output by more than a million barrels a day,
0:57.2	including next month, energy stocks rallying on the news, the XLEETF rising more than
1:02.2	4.5%.
1:03.2	Its biggest gain since October shares a marathon, Conaco, an APA leading the way, but what
1:08.2	does all this mean for inflation, the Fed doesn't seem to be worrying about the bar market
1:12.7	today.
1:13.7	The Dow rising more than 325 points are about a percent.
	...

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