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Welcome to MarketBites! Here's all you need to know about yesterday's market news.
“Never cry over spilt milk. It could’ve been whiskey."
- Maverick
MARKET PERFORMANCE
PORTFOLIO MANAGER COMMENTARY
Stocks fell Thursday after another hot inflation report, and a decline in jobless claims showed the economy is holding up amid the Federal Reserve’s rate hikes. Stocks slipped after January’s producer price index, another inflation measure, rose 0.7% on the month per Thursday’s report, while economists surveyed by Dow Jones expected a 0.4% increase.
The Dow is on track for a third consecutive week of losses. The S&P 500 is flat on the week, and the Nasdaq is poised to gain slightly. Meanwhile, bitcoin prices and crypto stocks are climbing despite mounting regulatory pressures.
Investors will continue watching company earnings for signs about the strength of the consumer. Dropbox, DoorDash, and
CHART OF THE DAY
U.S. supplier prices rose 6% in January from a year earlier, a sign of still stubborn inflation pressures in the economy. That increase in the producer-price index, which generally reflects supply conditions in the economy, was slower than December’s 6.5% gain, the Labor Department said Thursday. And it was down markedly from the 11.7% rise in March 2022, the recent peak.
WHAT ELSE IS HAPPENING
- YouTube CEO Susan Wojcicki stepping down after a decade - read here
- Tesla recalls 362,758 vehicles - read here
- Biden says three recently downed aerial objects are not linked to Chinese spy program - read here
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