Friends
Stocks leaned higher today but with very little conviction. Thursday’s CPI number is in investors’ crosshairs as it is the inflation reading that could cause the Fed to dampen their enthusiasm for a rate cut next week. Remember, the jobs market appears to have given them the green light to begin cutting.
As for today, by the close the Dow Jones Industrial Average was up 114 points to finish the day at 45,514. The S&P 500 was up 13 points to close at 6,495. The Nasdaq Composite Index was up 98 points to close at 21,798. Gold was up $23 to trade at $3,676 per ounce, while oil was up $.52 to trade at $62.39 per barrel WTI.
If inflation is muted a cut in the Fed Funds rate is almost a certainty this month. But, if we get a hotter than expected reading on inflation the Fed might find themselves in a pickle. We’ll see how market participants want to be positioned into the number. Stay tuned.
Have a nice evening everyone
