With escalating conflict in the Middle East and surging oil prices, the market is bracing for a near-term shock, warned Professor Jeremy Siegel, Senior Economist to WisdomTree and Emeritus Professor of Finance at The Wharton School of the University of Pennsylvania.
Siegel observed a change in market sentiment due to the increasing oil prices and the expanding Middle East conflict. He suggested that the markets could see a 10% correction from recent highs, although a major decline for the S&P 500 is not expected.
“The mood has clearly changed,” said Siegel.
The economist emphasized that the primary concern is not just the crude oil price, but the effect of rising gasoline prices on consumer psychology. Despite the broader economic effect being more balanced, the immediate impact on consumer sentiment is significant.
At 7:27 AM ET, WTI crude oil was trading 0.55% lower at $95.68 per barrel. Meanwhile, the national gas prices stood at …
This post was originally published here
