“‘I generally believe that rates are going to continue to go higher and inflation is not going to come down as much as expected.’”
The S&P 500 SPX, -0.67% is down 22.2% year to date. The large-cap index closed at its lowest level since November 2020 on Oct.12 this year. The stock market then staged a massive turnaround, with the Dow Jones Industrial Average DJIA, -0.33% posting the largest one day percentage gain since November 2020, after dropping nearly 550 points at its session low.
“Both interest rates and inflation rates will settle down between 4% and 5%, and we are going to go into a stagflation in the economy,” Peterffy told CNBC’s “Squawk Box” on Wednesday.The consumer-price index increased 0.4% in September, higher than the 0.3% consensus forecast polled by Dow Jones. Excluding volatile food and energy prices, the core CPI is even more worrisome, jumping a sharp 0.6% against the estimate of a 0.4% increase.
Interactive Brokers IBKR, +6.91% reported its third quarter adjusted earnings which surpassed consensus EPS estimates. The electronic broker reported adjusted earnings of $1.08 per share, compared to FactSet’s estimate of 96 cents, while the adjusted came in at $847 million, compared to the consensus of $797 million.
Covid lows incoming at minimum