Friends
Did someone get an advanced look at tomorrow’s CPI number? Stocks were minding their own business meandering around in slightly positive territory when all of a sudden, a wave of selling hit right at 2:00 our time. The Dow fell more than 300 points in quick order but did recover some by the close. We do get a look at headline inflation tomorrow with the release of the Consumer Price Index. And remember, earnings kick off in earnest this week with J P Morgan Chase and Morgan Stanley on Thursday, and US Bancorp, Citi, Wells Fargo, Blackrock, and State Street on Friday. Today’s report from Pepsi was stellar which was a nice opener to some of the big names reporting over the next couple of weeks.
As for today, by the close the Dow Jones Industrial Average was down 192 points to finish the day at 30,981. The S&P 500 was down 35 points to close at 3,818. The Nasdaq Composite Index was down 107 points to close at 11,264. Gold was down $8 to trade at $1,723 per ounce, while oil was down $8.48 to trade at $95.61 per barrel WTI.
Tomorrow should be interesting given the CPI number before the open. Let’s see how the market interprets the number and the direction of inflation. Stay tuned.
Have a nice evening everyone.
