U.S. stock futures headed lower as consumer prices remain at 40-year highs — and more in Wednesday’s stock market recap.
The first of this week’s two big inflation reports — the Consumer Price Index — came in at 8.3% for April, above consensus estimates of 8.1%, which sent futures sinking again this morning.
Core CPI, which excludes food and energy, also rose a higher-than-expected 6.2%. Meanwhile, inflation adjusted earnings declined for workers, falling 2.6% as the cost of living surges.
Not to mention the cost for shelter, which accounts for one-third of the CPI, rose at its fastest pace since 1991.
The stronger-than-expected inflation report sent the 10-year Treasury yield back above 3% as investors await Thursday’s Producer Price Index report, which will give us more information on how inflation is affecting producers, who pass rising expenses down to consumers.
In this morning’s stock market recap video, you'll learn whether energy stocks are done moving higher… which sector is starting to make its move… how to find actionable ideas in the current market… the biggest report that will impact the bond market today… a full update on the global economy… plus my top stock to buy, and weakest stock to sell.
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