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M Notes:  Mon, 9-12 Thumbnail

M Notes: Mon, 9-12

Wk Close: 9-9-22
+ (-) %
Dow 32,152 +834 +2.7%
S&P 4,067 +143 +3.6%
Nasdaq 12,112 +481 +4.1%
10-year 3.32 +0.13 +4.1%
Oil 86.23 -0.64 -0.7%


Markets:   The three-week slide was broken.  Markets went up on Friday, even though Fed Governor Christopher Waller, in a speech given Friday, said he sees another significant rate hike when the FOMC meets in two weeks.   

S&P roller coaster last week:  Holiday, down, up significantly, up, and up a lot.

Beige Book:  In the latest release the Fed saw the 12 economic Districts unchanged overall.  The Cleveland District (#4), which had been down slightly the prior report, reversed course and was holding steady.  

Fed Balance Sheet:   $8.82 trillion.  

ISM:  The Institute for Supply Management released their Services index numbers.  It moved up a touch from 56.7 up to 56.9.  The consensus was for 55.4.  Two notes:   the services side is 70% of the economy; and a number over 50 denotes expansion of the economy.  

Jobless claims:  The weekly number came in at 222,000.  The four-week average is 233,000

Radio:  I gave Bill a preview of next week’s key inflation data.   Here’s the link:  https://parker-wealth.com/bill-and-chris-podcasts/bill-and-chris-fri-9-9.   You can normally hear us on many Friday mornings at 6:38am, 7:38am, and 8:38am 1100 AM, WTAM. 

Trade deficit:  It came in at $70.7 billion for July.



Focus of the week:  Inflation updates will capture everyone’s attention next week.   Consumer inflation (CPI) is at 8.5%.   Wholesale inflation (PPI) is at 9.8%.   Yes, both of those numbers are off their peak, but still near 40-year highs.  A further reduction (two months in a row) might mean inflation is tempering.  Or will it stabilize?  Or will it go back up?

Economic calendar:  CPI (Tue); PPI (Wed); retail sales, industrial production, and jobless claims (Thu).