Market participants continue to react to the bullish market sentiment created by yesterday's CPI report. Inflation came in at 6.5% year-over-year last month, which is the sixth consecutive month that inflation has diminished since the peak of 9.1% in June.
According to the report gasoline,"was by far the largest contributor to the monthly all items decrease, more than offsetting increases in shelter indexes. The food index increased 0.3 percent over the month with the food at home index rising 0.2 percent. The energy index decreased 4.5 percent over the month as the gasoline index declined; other major energy component indexes increased over the month.
That being said, the optimism caused investors to be active buyers of US equities, gold, and silver. However, they were not basing market sentiment upon recent statements by Fed. The caveat is that the Federal Reserve has on multiple occasions reinforced its unwavering resolve to keep interest rates elevated throughout 2023.
US equities, gold, and silver benefited from that sentiment resulting in strong rallies in both gold and silver, as well as moderate gains in the major stock indices. The Dow gained 0.33%, the S&P 500 gained 0.40%, and the NASDAQ composite gained 0.70%.
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Housing market funk has lumber traders expecting rally to fizzleMajor lumber producers are slashing production as buyers still spooked by rising interest rates are passing up cheap supplies. Read more.
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Housing market funk has lumber traders expecting rally to fizzleMajor lumber producers are slashing production as buyers still spooked by rising interest rates are passing up cheap supplies. Read more.
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