March 21, 2023

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Nasdaq, Standard & Poor’s 500 and Dow Jones decline as consumer inflation expectations rise

Business on Wall Street in Manhattan

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The stock market sells off Friday after some choppy early trading following a sudden rise in inflation expectations in the latest sentiment survey.

Nasdaq Composite (COMP.IND) he is -1.5%Standard & Poor’s 500 (SP500) he is -1.1% wdow (DJI) -0.5%. The Dow is getting some help from a big jump in UnitedHealth’s post-earnings prices.

Key rates were higher after Russian President Vladimir Putin said he did not see the need for more mass mobilization.

All eleven S&P sectors are down, energy is the weakest. Health care is the best.

The University of Michigan Preliminary Consumer Confidence Index for October exceeded expectations, coming at 59.8. But the one-year inflation forecast jumped to 5.1% versus the 4.7% previously forecast of 4.6%. This was the first rise in the inflation component since March.

“The rise in inflation expectations is probably in response to higher gas prices in recent weeks, in which case it will not continue,” said Ian Shepherdson of Pantheon Macro. “Furthermore, this is a preliminary reading and may be revised by +/- 0.2pp, if recent experience is evidence.”

“However, in the wake of September’s inflation data, this recovery – reversing last month’s decline – does not look good, given how close policy makers are to tracking that action.”

Prices have shifted. 10-year treasury bond yield (US10Y(Up 2 basis points to 3.98% and a two-year yield)US2Y) rose 2 basis points to 4.47%. Moreover, the Inversion of the yield curve It continues to expand further, having previously set another record in two decades.

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“Ultimately, a break above 4% for the 10-year period appears inevitable as the Fed is unlikely to indicate any inclination to slow its pace in the near term,” ING said.

The UK is having a massive impact again. Gilt’s revenue reversed after Prime Minister Liz Truss Hire a new advisor.

In bank earnings, JP Morgan is higher after hitting upper and lower lines. But Morgan Stanley suffers a loss of revenue Struggling investment banking.

September retail sales Flat came, shy of expectations for a gain of 0.2%. Core sales excluding autos rose 0.3% versus expectations of 0.4%.

Import prices fell more than expected, decreased by 1.2%.

Look at the stocks that make Big move this morning. Is the market Mysterious Epic Reflection Has Legs?