At-a-Glance
Today’s Top Highlights
Yesterday’s CPI report brought some volatility across asset classes as there was a lot of back and forth price action where the equities and precious were able to finish the day higher, but did see aa finish significantly off of the high of the day. Looking across the board today, PPI came in similar to CPI where it was lower than expected, and today is showing a lot less volatility and more steady price action. The S&P, Russell and Dow all traded marginally higher while the Nasdaq slipped due to some AI equities feeling selling pressure today. Along with that, Gold, Platinum and Copper saw gains today while Silver had a slight decline, also in line with some of the AI equities slipping due to Silver’s connection to the general AI story.
The Crude Oil market is now trading at a very interesting level since seeing a recovery from the recent low prices near $67/barrel. The prices have been moving higher from more escalation talks from the Middle East along with seeing a rebound from technically “oversold” levels, but is now facing some overhead congestion. The 50-day exponential moving average has been acting as a near term “ceiling” since prices broke below that level in May, and continues to be a bottleneck that prices will need to climb through to see any more upside momentum moving forward. Looking ahead, tomorrow we will see the Retail Sales report along with Initial Jobless Claims, wrapping up the week of economic data that could help paint a better picture of inflation and employment.
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