Consumers are not what will hold market rally back, says PNC's Yung-Yu Ma

• Yung-Yu Ma is not concerned about retail sales, noting healthy consumer spending in discretionary areas and strong credit card data.
• Rising long-term interest rates, driven by high supply of US Treasury and corporate debt, are identified as a potential headwind for the market.
• Ed Clissold suggests a potential short-term pullback in equities due to the pace of CapEx investment and increased Fed influence on the long end of the curve.
• Max Kettner recommends tech exposure outside the US (Asia, Europe) and highlights European banks and industrials as attractive due to strong earnings and manufacturing cycle pickup.

The panel discusses the sustainability of the market rally, consumer spending, and the impact of interest rates. While acknowledging potential headwinds from rising long-term rates, panelists express confidence in healthy consumer spending and highlight investment opportunities in global tech, European banks, and industrials.