Academy Securities: Equities and Credit Spreads Already Low but Face Further Widening Pressure; Energy Sector Remains Relatively Resilient

Academy Securities' Peter Tchir noted that while equity and credit spreads are already at low levels, they could widen further due to supply-side pressure from tech capital expenditure on computing power. The energy sector is supported by factors such as geopolitical conflict and rising shipping costs, making short-term price cuts unlikely. The current widening of credit spreads is concentrated in specific sectors, and the overall market remains in an orderly trading state.