India's Prime Minister Narendra Modi declared himself victorious in a heated election race, but will likely have to rely more on allies to get things done. Global X ETFs Senior Portfolio Manager and Head of Emerging Markets StrategyI'm Julie that Josh left in live from our New York City headquarters.
But the real question here is the future of streaming and what they decide to do with Paramount Plus, we've got one hour to go until the market close. And there are a couple of reasons why one of those reasons is oil because if indeed we are seeing slowing growth here.So we've got oil futures that are lower and that then is translating into lower energy stocks as well.Indeed, commodities overall you got here, the XL B that is the materials index down about 1.2%.You do have real estate consumer, discretionary and health care stocks that are on the rise.
So that leaves us in a place now where the marginal buyer you ask yourself who's going to step in and buy this dip, right?And you say, OK, fundamental guys, where are they gonna be?haven't been producing as of late those inventory draws.I think whenever we get over negative and we talk about how bad things are.And I think we're getting close to those levels where we could get that type of bounce.
So I think they've given up the ghost on $100 crude and what they want now is just to find this $80.80 $90 sweet spot, Rebecca.It's a great question. Um So I think when we look at the travel data and the high frequency data that I'm looking at over the past couple of weeks, I think it's going to stabilize and get better.I think it's going to get better though and, and um Rebecca.
So I think that's that, that fear of inflation is still there and I don't think that's gonna go away until inflation broadly is more contained.We're just getting started here on market domination coming up.With consequential elections over the weekend in both Mexico and India, we'll discuss what the new leadership could mean for emerging markets.We'll take a close look at what's driving that turnaround, all that and more coming up on market domination.
So I think because of that, it's gonna persist that this negative correlation between rates and stocks uh for a while longer, you know, in the seventies and eighties, it happened because we had really high levels of interest rates and inflation.We just had these big high gaps between where rates were because of zero interest rates.
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