Stocks sagged early, with social media stocks dragging the Nasdaq down more than 3% on bearish earnings guidance from Snap Inc., but rallied off the lows in a move presaged by Thomas Thornton right before noon ET. “Seeing most ETFs down on the day but lifting over today's volume-weighted average prices, which, if those levels can hold, is a positive,” tweeted Thornton, the founder of Hedge Fund Telemetry. Thornton joins Real Vision’s Ash Bennington to talk about today’s price action in the broader (bullish or bearish?) context. And we hear from Dario Perkins, managing director at Global Macro, about the bursting of the “everything bubble” and the impact of rising interest rates on equity valuations. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3lEctcV. Watch the full conversation between Dario Perkins and Raoul Pal here: https://rvtv.io/3sU59hz.

U.S. equity indexes ground generally higher through the trading session Monday, with the Dow Jones Industrial Average and the S&P 500 breaking into the green but the Nasdaq Composite struggling in negative territory. The yield on the 10-year U.S. Treasury note slipped by six basis points to 2.88%, as bonds caught a bid on economic growth concerns. Recent data from China indicate President Xi’s “COVID Zero” policy is exerting a tremendous drag on the domestic economy, with down-the-line impacts on the global economy sure to follow, including supply-chain snarls. Meanwhile, Goldman Sachs Senior Chairman Lloyd Blankfein warned of a "very, very high risk" of a US recession. Eric Johnston, head of Equity Derivatives and Cross Asset for Cantor Fitzgerald, joins Real Vision’s Maggie Lake for today’s Daily Briefing to talk about short-, medium-, and long-term direction for stocks, recent macro data, and earnings. We also hear from Danielle DiMartino Booth, CEO of Quill Intelligence, about whether the Fed has not just the policy tools but the general resolve to do what has to be done to end inflation. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3wsV3Ff. Watch the full interview featuring Danielle DiMartino Booth and Jim Bianco here: https://rvtv.io/3MmeBlg.

Stocks sagged early, with social media stocks dragging the Nasdaq down more than 3% on bearish earnings guidance from Snap Inc., but rallied off the lows in a move presaged by Thomas Thornton right before noon ET. “Seeing most ETFs down on the day but lifting over today's volume-weighted average prices, which, if those levels can hold, is a positive,” tweeted Thornton, the founder of Hedge Fund Telemetry. Thornton joins Real Vision’s Ash Bennington to talk about today’s price action in the broader (bullish or bearish?) context. And we hear from Dario Perkins, managing director at Global Macro, about the bursting of the “everything bubble” and the impact of rising interest rates on equity valuations. Want to submit questions? Drop them right here on the Exchange: https://rvtv.io/3lEctcV. Watch the full conversation between Dario Perkins and Raoul Pal here: https://rvtv.io/3sU59hz.