Jay Hatfield, CEO of Infrastructure Capital Advisors, says a “power rally” is coming for stocks in July, driven by lower oil prices and softer inflation data.
Hatfield told Fox Business that expected Crude oil, which he says is headed towards $60 after falling below $70, to help produce negative CPI prints on a monthly basis in July and August.
He believes these readings should bring Fed rate cuts to market.
“We think we are about to enter the true Goldilocks for the year because we were optimistic about the oil price falling below 70, which most people thought was a mistake. We think we will get to 60.”
We believe we will get a negative reading on the CPI in July and August for the previous months, and that will start to price in the Fed rate cuts.
Hatfield says broad summer earnings reports, not just chip company results, typically make for a strong July for stocks.
He also believes the market’s resilience during the sector’s June session supports his 9,000-point target for the S&P 500.
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