Posted on 09/13/2022 6:09:57 AM PDT by tanstaafl.72555
ock futures dropped on Tuesday morning after an August inflation report came in hotter than expected.
Dow Jones Industrial Average futures sank 406 points, or about 1.3%. S&P 500 futures fell 1.7% and Nasdaq 100 futures slid 2.3%.
The August consumer price index report showed a higher-than-expected reading for inflation. Headline inflation rose 0.1% month over month, even with falling gas prices. Core inflation rose 0.6% month over month.
Economists surveyed by Dow Jones had been expecting a decline of 0.1% for overall inflation, with a rise of 0.3% for core inflation.
(Excerpt) Read more at cnbc.com ...
No, we didn’t need to see Biden and his goons destroy the economy.
If we had elected Trump for a second term this would NOT be happening - That’s what should have happened. Trump as President and the country doing well.
We did elect Trump for a second term, and this IS happening.
Thanks Joe Manchin.
“Phoenix. It dropped to $3.89, then went to $3.99, now $4.29.”
Gas Buddy showing $3.99
https://www.gasbuddy.com/home?search=phoenix&fuel=1&maxAge=0&method=all
Damn, it’s down over 800 points, at 12:30pm.
I wondered for a year how the price of breakfast at local restaurants could stay the same.
After all, food is a commodity and should cost more.
Today, I had breakfast at a local restaurant and found out they increased the cost of a $14 meal to $18.
They had a note on each table telling of the increase in food costs. -Tom
LOL, where’s the guy that said about a week ago the S&P would hit 5,500 by next year? I swear I read that somewhere.
You better look again.
2.5% is still not a lot to worry with.................
Regarding the stock market, I have zero worries...I don’t invest in it.
I’ve been ‘out’ for about 5 years.......................
Yep- that’s the reason new cars are so expensive.
No one can fix their old cars because they made them actually destroy car engines by pouring acid down the carburetor.
Interesting that they could easily and cheaply immobilize the engines in cash for clunkers but not the stuff we left behind in Afghanistan.
If you follow such things, the futures market for spooz (S&P 500) just went out of contango. This is VERY BIG news, as contango reflects the discount you can get by buying a basket of stocks and agreeing to sell them in the futures market. The contango premium reflects the interest rate and holding price for holding the basket of stocks until the delivery time for the futures contract arrives. In stock and bond markets, this almost NEVER goes out. The reason is that it is a guaranteed profit of maybe a point to a point and a half. Big guys are always playing contango to generate money.
Now, the futures are selling at a DISCOUNT to cash (quite a large one, in fact), indicating a coming bloodbath. No one wants to buy the “future delivery” of the market indices. This is generally a very gloomy sign, but it may just be a one day oddity that will correct itself.
If it continues, it not only argues for a down market but a crash, frankly.
I guess that was just a bad print for a few mins. Contango back in.
My bad.
DOW
31,104.97 -1276.37 -3.94%
S&P 500
3,932.69 -177.72 -4.32%
NASDAQ
11,633.57 -632.84 -5.16%
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.