Friends
It wasn’t exactly a red wave now, was it? It does appear that the Republicans will gain control of the House of Representatives by a very slim margin, while the Senate is still not decided (it may take until December before we know). Probably more immediate to investors today was the continuing story of the collapse of crypto and the angst leading into tomorrow’s CPI number. Recent CPI reports have been hotter than expected and have been extremely negative for the markets. It is expected that in October inflation was up 8.2%. Anything more than that will spook investors. Of course, anything meaningfully less than that could spark a sharp rally. Today’s market action was investors preparing for a bad number.
By the close, the Dow Jones Industrial Average was down 646 points to finish the day at 32,513. The S&P 500 was down 79 points to close at 3,748. The Nasdaq Composite Index was down 263 points to close at 10,353. Gold was down $8 to trade at $1,707 per ounce, while oil was down $3.26 to trade at $ 85.65 per barrel WTI.
Buckle up, because whatever number we get tomorrow on CPI we are sure to get market volatility. We’ll let you know how it all plays out after the close tomorrow.
Have a nice evening everyone.
