Last Week: -1.52%
YTD: 7.81%
1 Year: 25.66%
Dow Jones Industrial Average
Last Week: -2.37%
YTD: 1.26%
1 Year: 14.29%
Last Week: -0.53%
YTD: 7.72%
1 Year: 34.77%
Last Week: -3.35%
YTD: -0.76%
1 Year: 14.12%
YTD: 9.97%
1 Year: 37.40%
YTD: 4.51%
1 Year: 13.91%
Wholesale Prices
The producer price index, a measure of inflation at the wholesale level, increased 0.2% in March, this was less than the 0.3% estimated by analysts. This increase of 0.2% was also considerably less than the 0.6% rise in February. Services was the largest gainer in the PPI measure from March. PPI is a closely watched measure, as it has a trickle-down effect on consumers and inflation pressure in the future.
Red Hot CPI Report
The consumer price index, a major inflation gauge, rose 3.5% in March, much higher than the expected numbers. Shelter and energy costs drove the large monthly increase. The hot inflation report puts a damper on the expected rate cuts from the Fed in June. This could give them more reason to hold off and not consider a rate cut until September. When examining core CPI, which removed the more volatile categories of food and energy, core CPI still was high coming in 0.4% on the month and 3.8% from a year ago.
Iran Missile Attack
This past Saturday, Iran launched more than 300 drones and missiles against Israel. Israel with the help of their allies, was able to shoot down nearly all the drones and missiles fired towards them. Very little damage was caused by the attack. Oil prices are up nearly 50% in 2024, as we head into the busiest travel of the year this Summer. OPEC has cut output despite strong demand from countries like the United States where the economy is still growing at a strong pace. With Israel able to fend off the large-scale attack from Iran, oil prices have dropped after initial concerns of a growing conflict in the Middle East could cause a sharp spike in oil prices. U.S. President Joe Biden told Israel that the U.S. would not support a counterattack.
