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Stocks are moving on the heels of this morning’s Producer Price Index inflation report, which showed inflation is better for producers excluding food and energy prices.
The market didn’t like Thursday’s Consumer Price Index, which showed core CPI had risen year over year, which makes the Fed’s interest rate cut more and more of a head-scratcher.
The PPI isn’t quite as important as the CPI, but last year, it was 2.4% excluding food and energy prices. This year, the consensus expectation is 2.7%, and it came in at 2.0%, which is great.
The year over year number including food and energy is 1.8% versus expectations of 1.6%, and slightly higher than last year’s 1.7%. That’s not great, so the report is mixed…
The market got an initial bump but is falling again, so we’ll have to see how things shake out after the open. I’d wait until the 10 a.m. ET Consumer Sentiment report before entering any new positions.
China stocks are in a bit of a tailspin after a sharp move higher…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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