Marketbites: Stock Market Braces For Inflation Report
MARKET PERFORMANCE:
Portfolio Manager Commentary:
The stock market didn't move much on Wednesday as investors brace for today's inflation reading. This inflation reading is especially significant because this is the last major data point before the Federal Reserve meets next month to decide the next round of rate hikes. Economists expect year-over-year CPI for September to come in at 8.1% slightly lower than the 8.3% increase in August.
Data Wednesday showed prices paid to U.S. producers rose in September at a higher rate than expected. This could be a sign of caution heading into today's inflation data.
Overseas, the turmoil in the U.K. continued with 30-year bonds (gilts) surging above 5%. As of right now, the Bank of England remains firm on not providing more assistance to the market after this Friday.
On the earnings front, Pepsi surged after lifting its forecast for the year on the back of better-than-estimated Q3 profits. JPMorgan, Wells Fargo, Morgan Stanley, and Citigroup will report on Friday.
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