The stock market just couldn’t hang onto early gains Thursday after inflation data that wasn’t all that terrible. A lot of money has gone into stocks this year, and investors are getting nervous.
Inflation data, admittedly, still leaves something to be desired. The consumer price index gained 3.7% year over year for September, unchanged from August’s result. Stock investors want to see the rate of inflation decline so that the Federal Reserve can move closer to cutting interest rates. For now, the Fed is likely on track to keep rates elevated for a while to cool down the economy.
A key reason stocks dropped precipitously is seen in the way investors have positioned their portfolios.
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