Stocks dip as investors digest inflation data; bond yields up
Fri June 28, 2024 3:44 PM
PCE data showed inflation to be flat, which was expected, so there are still hopes for a September rate cut and a second cut before year-end. However, as today’s expert put it, “The Fed will see in this data what it wants to see and that’s going to keep everyone guessing as to when the next rate cut will be.” So despite the report being positive, it wasn’t positive enough to eliminate uncertainty and thus all the indexes fell, despite all three starting well in the black, the Dow up almost 300 points in the morning, before uncertainty set in about 11 a.m. Last night’s presidential debate as well as the elections this weekend in France added to the uncertainties. Per the CBOE, volume was 19.1 billion, way above average, suggesting this was a panic sell-off.
DJ: 39,164.06 +36.26 NAS: 17,858.68 +53.53 S&P: 5,482.87 +4.97 6/27
DJ: 39,118.86 -45.20 NAS: 17,732.60
-126.08 S&P: 5,460.48 -22.39 6/28
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