Business
Where Are Stocks Headed Today? Watch the Oil Markets
If you’re wondering where the S&P 500 will finish today, keep your eye on oil prices.
That’s the take of Piper Sandler’s chief investment strategist, who addressed the unfolding Middle East conflict in a late Sunday note to investors.
“For the time being, I expect stocks to trade strongly negatively correlated to oil,” wrote Michael Kantrowitz. “We’re unlikely to see stocks begin to move higher without seeing oil move lower—as a proxy of broader-risk perception of geopolitical risk.”