Friends
Bond yields moved higher after a little hotter than expected CPI report this morning, and as has been the case lately when rates rise stocks fall. Luckily for the bulls the decline was muted as there was a little buying later in the trading session.
For the day, the Dow Jones Industrial Average was down 173 points to close at 33,631. The S&P 500 was down 27 points to close at 4,349. The Nasdaq Composite Index was down 85 points to close at 13,574. Gold was down $5 to trade at $1,881 per ounce, while oil was down $.07 to trade at $83.42 per barrel WTI.
As for that inflation report this morning, the CPI increased .4% for the month and 3.7% year over year. Expectations were for .3% and for the year over year number to come in at 3.6%. So, not a big deal, but a slight miss, nonetheless. Shelter costs continue to be sticky, accounting for more than half of the rise in the CPI. Likely the Fed will see their fight with inflation as successful but not yet complete. In the meantime, let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
