Matt Frankel

Those are normally considered safety stocks.

When you see a big, broad-based downturn, it really just tells me it's uncertainty.

The market doesn't know what to make.

They don't know if this conflict is going to go on for a week, for six months, or whatever.

And that's really what seems to be driving today's action.

You said that crude was up by about 8% today.

I don't think that in and of itself is going to be a big driver of consumer behavior by itself.

Now, if oil spikes to $100 a barrel, like you just referenced, it could be a lot different.

That could be also a lot of what's weighing on the market right now.

Consumers feel squeezed, they just do.

That's why Walmart's doing so well, for example.

When energy goes up,

consumers feel even more squeezed.

We've seen energy prices during this inflationary period go all over the place.

That's why they're excluded from the core numbers, because they tend to be really volatile normally.

Normally, when we're coming out of winter is the time when crude prices are stablest.

You're seeing that change now.

It's really the uncertainty at this point.

I don't think today's move is going to have a big effect on consumer spending.

But if it goes much further than that, it could.