August saw the largest month-over-month price increase of 2023.
- CPI showed prices rose +0.6% from July
- And +3.7% from August of 2022
The trend is still clearing pointing lower.
The latest data dropped on Wednesday before the opening bell. And the market took the news in stride.
The indexes closed the day mixed, and little changed…
- Dow Jones -0.2%
- Nasdaq +0.3%
- S&P 500 +0.1%
- Russell 2000 -0.8%
The lackluster day suggests the market did not price in any unexpected updates.
The market believes The Fed will hold interest rates steady at next week’s FOMC meeting.
Sector Round Up
6 of the 11 ended the day with gains on Wednesday.
At the top…
- Utilities (XLU) +1.2%
- Consumer Discretionary (XLY) +0.8%
- Communications (XLC) +0.3%
At the bottom…
- Industrials (XLI) -0.7%
- Energy (XLE) -0.8%
- Real Estate (XLRE) -0.1%
The put-to-call ratio, which tells us how balanced the market is, rose to its highest level in 2023 yesterday…
Our take—the downside is minimal right now.
Your latest readout…
The latest inflation data from the Producer Price Index (PPI) drops at 8:30 this morning.
Friday afternoon is the 3rd triple witching of 2023.
Secondary watchlist—float 100+ million
^IOT support at $30
^IONQ resistance at $20
SNDL support at $2, resistance at $2.20