Travis Hoium

The markets are down pretty big.

Both the S&P 500 and the Nasdaq Composite down over one and a half percentage points.

Crude oil is up 8% as we're recording.

Lou, this is all in reaction to what's going on in the Middle East right now.

But what's interesting about this is this didn't happen yesterday.

These attacks, all the destructions going on started over the weekend.

You would have thought, theoretically, that yesterday we would have had a big reaction from the market.

They waited a day.

So what's going on here?

Matt, what are you thinking when you look at the market being down like this?

Is this something that we should be worried about?

Is it a buying opportunity?

Where's your head at?

One of the things I wanted to get your thoughts on is how this spills over into the regular economy.

Because the rise in oil prices, I think, is really notable because that's something that people are actually going to feel in the U.S.

Even if you're not going to feel all of the attacks that are going on in the Middle East, you are going to feel that I filled my gas tank this morning.

It was significantly more expensive than it was yesterday.

So...

The historical parallel, at least in the last 20 years, is that if you go back to the financial crisis, one of the tipping points there was oil and gasoline got really expensive.

Suddenly, that exposed a whole bunch of weakness in consumers.