Friends
There appeared to be somewhat of a buyers strike today with regards to stocks and given that the much-anticipated monthly Consumer Price Index report will be released tomorrow morning, it’s not really a surprise. The inflation story has been front and center all year long and recent CPI reports have been very disconcerting to both the stock and the bond markets. It’s likely tomorrow’s number will be market moving also.
As for today, by the close the Dow Jones Industrial Average was down 58 points to finish the day at 32,774. The S&P 500 was down 17 points to close at 4,122. The Nasdaq Composite Index was down 150 points to close at 12,493. Gold was up $6 to trade at $1,811 per ounce, while oil was down $.11 to trade at $90.65 per barrel WTI.
Be ready for new narratives to develop after the CPI release tomorrow. Will the Fed be seen as still chasing inflation or will they be seen as already haveing gone too far and about to send the economy into a more severe slowdown? We’ll let you know. Stay tuned.
Have a nice evening everyone.
