We’re through the meat of earnings season and we didn’t see any massive earnings beats or big tech companies move the needle…
But we did have some amazing action on the back of the latest Consumer Price Index (CPI) number. And in my Monday morning lookahead for the week, there was one thing I didn’t even consider…
And that’s a small inflation number, since we haven’t had one in almost a year. The reading came in on the low side of expectations and seems to have also caught the market a bit off guard.
The expectations were for an 8.7% increase, but instead we got 8.5%, and a 0% rise month over month, mostly because of a drop in energy prices.
We had a massive move up in crude oil in June, and we’ve been falling since, including from $110 in July down to the $90s now.
But there’s a potential fly in the ointment in regard to inflation
What the heck is House Speaker Nancy Pelosi doing with this Taiwan trip?! That was the first thing we discussed on this week’s edition of The Big Picture With Jeff & Roger.
Last month was the strongest July we’ve had in years, so naturally I came into the week a little bearish. As you know, I have a bit of a contrarian streak in me. I tend to bet against exaggerated moves to the upside and vice versa.
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