Janasiewicz: Look Beyond Mag 7 as Crude Oil Volatility Continues

• Futures lower due to hotter-than-expected PPI and concerns about 'higher for longer' oil prices, with the futures curve suggesting continued elevation.
• A weakening consumer and increasing recession odds (20-30% probability) are key concerns, making it harder for consumers to absorb price increases.
• Investment strategy shifts from cyclicals to broader, equally-weighted tech for a defensive play, and a preference for Emerging Markets (Latin America, China) over developed international markets.

The discussion focuses on persistent inflation, elevated oil prices, and a weakening consumer, leading to increased recession risks. The guest suggests rotating from cyclical stocks to broader, equally-weighted tech for a defensive bias and prefers emerging markets, particularly Latin America and China, over developed international markets due to terms of trade and energy dynamics.