Friends
Stocks slumped again as market participants brace themselves for tomorrow’s CPI release. Interesting data out of China this morning indicated that there is a bit of a deflationary environment there. Whatever the case tomorrow’s inflation data is likely to move markets.
As for today, by the close the Dow Jones Industrial Average was down 191 points to finish the day at 35,123. The S&P 500 was down 31 points to close at 4,467. The Nasdaq Composite Index was down 162 points to close at 13,722. Gold was down $10 to trade at $1,950 per ounce, while oil was up $1.27 to trade at $84.19 per barrel WTI.
The tone for stocks has definitely changed in August. Rallies are met with selling and good news seems to have been priced into stocks. Let’s see how market participants react to tomorrow’s CPI release. Expectations are that we will see a monthly increase of about 0.2% and a 12-month inflation rate of about 3.3%. It should be interesting. Stay tuned.
Have a nice evening everyone.
