Today’s trading action and slumping prices seemed more about waiting to get a look at tomorrow’s CPI number than about a bold statement by the bears. We’ve seen this type of action for a while now. The market averages flirt with new highs but there just doesn’t seem to be enough enthusiasm to move much higher from here, nor does there seem to be enough fear to stir much selling action.
As for today, by the close the Dow Jones Industrial Average was down 152 points to finish the day at 34,447. The S&P 500 was down 7 points to close at 4,219. The Nasdaq Composite Index was down 13 points to close at 13,911. Gold was down $3 to trade at $1,891 per ounce, while oil was down $.29 to trade at $69.76 per barrel WTI.
Again, all eyes will be on the CPI number tomorrow, but I ask once again- if inflation is the market’s biggest concern then why has the long bond yield been going down recently?
Have a nice evening everyone.