Wall St mixed ahead of economic data; CPI in focus
Mon August 12, 2024 6:47 PM
It was another day of severe uncertainty as the indexes swung wildly back and forth, the Dow almost entirely in the red all day, the S&P and Nasdaq mostly in the black all day. The Dow swung wildly between a low of a -250 to a high just barely above break-even while the Nasdaq did the opposite from a high of a +150 to a low of -50. There are important reports coming this week with expectations of either marginal improvement or status quo but the uncertainty has everyone fence-sitting, which is pretty typical before major reports, in this week’s case it’s CPI and retail sales, both big factors in assessing inflation and rate cuts. The bets are still for either a ½ point cut in September or two ¼ point cuts between September and December. Per the CBOE, volume came in at 10.2 billion, significantly below average which is typical while fence sitting.
DJ: 39,497.54 +51.05 NAS: 16,745.30 +85.28 S&P: 5,344.16 +24.85 8/9
DJ: 39,357.01 -140.53 NAS: 16,780.61 +35.31 S&P: 5,344.39 +0.23 8/12
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