Friends
This morning’s CPI report came in a little better than expected with inflation at the consumer level printing 2.7% year over year vs. the 2.8% expected. Yes, inflation is still above the Fed’s desired level of 2% but it appears that the markets are firmly convinced that today’s data will grease the wheels for a Fed Funds rate cut in September. And by the way, the stock market loved it. Stocks rallied early and often and by the close we were in record territory for the market averages.
For the day, the Dow Jones Industrial Average was up 483 points to close at 44,458. The S&P 500 was up 72 points to finish the day at 6,445. The Nasdaq was up 296 points to close at 21,681. Gold was down $5 to trade at $3,399 per ounce, while oil was down $.75 to trade at $63.21 per barrel WTI.
So, at the moment, we have stocks at all-time highs, gold at all-time highs, Bitcoin at all-time highs and of course our national debt at all-time highs. That’s what you call a risk on environment. The bulls continue to be entrenched on the high ground.
Have a nice evening everyone.
