Friends
The bulls are feeling pretty good these days, even emboldened enough to rally into a CPI print. Last year market participants were often quite cautious in the lead up to key economic/inflation data, but buyers were out in force today, seemingly unafraid that tomorrow’s CPI report would surprise/disappoint. Will we continue to see inflation moderating? Stay tuned.
As for today, the bulls were firmly in charge. By the close the Dow Jones Industrial Average was up 377 points to finish the day at 34,246. The S&P 500 was up 46 points to close at 4,137. The Nasdaq Composite Index was up 173 points to close at 11,891. Gold was down $10 to trade at $1,863 per ounce, while oil was down $.28 to trade at $79.44 per barrel WTI.
Tomorrow’s inflation data will likely set the tone for the rest of the trading week. Bond yield’s have been moving higher in the past week, which makes the move in stocks even more interesting. We’ll let you know what the CPI number looks like tomorrow and how stocks and bonds react to it. Given today’s moves it should be very interesting.
Have a nice evening everyone.
