[Chart courtesy of MarketWatch.com]
- Moving the markets
In a repeat from yesterday, the Dow and S&P 500 climbed into record territory for the fourth session a row, while the Nasdaq bucked the trend and slipped a tad. While tomorrow’s announcement by the Fed about a 0.25% rate hike is a foregone conclusion, some anxiousness prevails about what signals may be given about 2018 and how the Fed views the economic conditions.
While MSM did not cover much in regards to the eruption of US Producer prices, at the fastest pace in six years, it nevertheless was a big headline with a year over year surge of 3.01%. Energy played a big role with final demand climbing 4.6%.
In ETF space, the numbers were mixed but fairly balanced. Gaining strongly were Financials (XLF) with +1.00% followed by Aerospace & Defense (ITA) with +0.36%. With the Nasdaq slipping, it was no surprise that Semiconductors (SMH) fell as well and lost -0.98% with Emerging Markets (SCHE) giving back -0.58%.
The yield on the 10-year bond rose 1 basis point, Crude Oil took a hit and gold desperately tried to climb above the $1,350 level but failed. The US Dollar (UUP) continued its recent rebound for the seventh straight day and is now solidly entrenched above its 50-day M/A.