The major indexes are flat, with investors concerned the most recent inflation data will drive the Federal Reserve to keep raising interest rates — and more in Wednesday’s stock market recap.
The Producer Price Index, which tells us how inflation affects U.S. businesses and the prices they pay for the goods and services they provide consumers, rose 0.4% month over month, above estimates of 0.2%.
Year-over-year PPI also came in above estimates, at 8.5% versus 8.4% expected.
We’ll also get Consumer Price Index data at 8:30 a.m. EDT on Thursday. These two reports are key as they provide the last PPI and CPI data ahead of the Fed’s next meeting on Nov. 2.
In this morning’s stock market recap video, I’ll discuss what stable sector positioning means for stocks… whether momentum levels to the downside are increasing… what to expect from the Fed on Thursday… an update on earnings revisions and whether they’re priced in… critical upside and downside levels in the major indices… plus the top stock to own, and which one to ditch!
Don’t forget to like, subscribe and leave your comments and questions on our YouTube videos — we will respond!
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Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
DOW (mini)
- Close: 29,239.19.
- Futures: 29,244.
- Change: -22.
S&P 500 (mini)
- Close: 3,588.84.
- Futures: 3,601.25.
- Change: +2.
NASDAQ (mini)
- Close: 10,791.35.
- Futures: 10,868.25.
- Change: +23.25.
RUSSELL (mini)
- Close: 1,692.92.
- Futures: 1,696.6.
- Change: -0.3.
Note: Updated as of 9:17 a.m. EDT
Building on the sector analysis from Tuesday, I’ll take things a step further every Wednesday with two FREE trade alerts! I’ll identify my favorite stock in the strongest sector, and even a short opportunity from the weakest sector. That’s two trades… absolutely free… each week!
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com!
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.
