US gas prices could drop to $3.00 or less by November, analyst says

Markets are slightly rallying (^DJI, ^IXIC, ^GSPC) as they recover from recent losses, defying the expectations of investors who hoped that Nvidia's (NVDA) earnings would substantially boost markets. To shed light on this dynamic, Truist Co-Chief Investment Officer and Chief Market Strategist Keith Lerner joins the Morning Brief to discuss the underlying factors behind current market behavior.
Lerner attributes the muted market reaction to the elevated expectations surrounding Nvidia's earnings report. He compares "the anticipation of this report" to the level of anticipation typically seen for inflation or economic data releases. However, he notes that in such instances, "regardless of the number, the markets often act differently than you would expect."
As earnings season draws to a close, Lerner notes that market focus is shifting away from individual company results and toward the broader question of "what is the Fed gonna do?" Lerner notes the next catalyst that could propel markets higher would be the emergence of "more disinflationary pressures."
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