Friends
Today’s Producer Price Index remained stubbornly high coming in a little hotter than expected, which somewhat dims the hopes that tomorrow’s CPI report is going to be any better. Stocks at least were able to avoid any major selloff and remained mostly around the flatline most of the day.
By the close the Dow Jones Industrial Average was down 28 points to finish the day at 29,210. The S&P 500 was down 11 points to close at 3,577. The Nasdaq Composite Index was down 9 points to close at 10,417. Gold was down $4 to trade at $1,681 per ounce, while oil was down $2.22 to trade at $87.13 per barrel WTI.
As mentioned, all eyes will be on tomorrow’s CPI release. Most are expecting the number to come in around 8.1%. Then after that on Friday we get earnings releases from a few major banks as earnings season kicks off. Let’s see how the rest of the week goes. Stay tuned.
Have a nice evening everyone.
