Friends
It was a sloppy start to the trading week as market participants await the CPI report tomorrow and the PPI report on Thursday. It is important that inflation readings remain tame if the Fed is to have a green light to soften monetary policy in coming months. So, this week’s data is likely to be market moving, especially for bonds.
As for today, by the close the Dow Jones Industrial Average was down 200 points to finish the day at 43,975. The S&P 500 was down 16 points to close at 6,373 per ounce. The Nasdaq Composite Index was down 64 points to close at 21,385. Gold was down $87 to trade at $3,403 per ounce, while oil was up $.21 to trade at $64.09 per barrel WTI.
As referenced, market participants are pricing in Fed rate cuts before the end of the year, so it is vital that the inflation picture does its part not to upset that narrative. We’ll let you know how the week unfolds. Stay tuned.
Have a nice evening everyone.
