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Market Moves You Need to See
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President
Zacks Investment Research

Stocks Closed Mostly Higher Yesterday, Nasdaq Up For The Week So Far, S&P Close By

Stocks closed mostly higher yesterday following the PPI inflation report.

The Producer Price Index (PPI) inflation report, much like Wednesday's CPI report, came in pretty close to expectations.

Headline PPI was up 0.2% m/m, which was below last month's 0.6% pace, and below the consensus for 0.3%. On a y/y basis it rose to 2.1%, which was higher than last month's 1.6%, but under estimates for 2.4%. The core rate (ex-food & energy) was up 0.2% m/m, under last month's 0.3%, and in line with views. On a y/y basis it came in at 2.4%, up from last month's 2.0%, and expectations for 2.3%.

Surprisingly, the headline number, which includes energy (and food), increased less than expected, while the core number, which excludes energy (and food), increased more than expected. It's strange because oil has risen more than 20% this year. So naturally, one would assume there'd be a larger increase in the item which includes that data vs. the item that doesn't. To be clear, the headline annual rate did increase more with a 5 tenths of a percent increase vs. the core rate which gained 'only' four tenths. Nonetheless, it was still surprising see the headline data come in under expectations while the core data came in over.

But the market cheered the news.

And it's not that surprising they did. Because while the rate of disinflation has slowed, and interest rate cuts have been pushed out by another couple of months (likely until June), the economy remains resilient, and rate cuts still seem to be in the cards.

In other news, yesterday's Weekly Jobless Claims fell -11,000 to 211,000 vs. the consensus for 215,000.

Today we'll get Import and Export Prices, and Consumer Sentiment.

And we'll hear from Fed policymakers Jeffrey Schmid, Raphael Bostic, and Mary Daly as they speak at various engagements throughout the day.

With one more day left in the week, the Nasdaq is currently up for the week, the S&P is just under the mark, and the Dow, while down, is only a modest day's worth of gains away from getting into the plus column.

Next week marks the official start of earnings season. And that's great news since stocks typically go up during earnings season.

In the meantime, we'll see if yesterday's momentum can carry over into today.


Kevin Matras

Executive Vice President, Zacks Investment Research


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