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NEWS
Eggflation Fears Spark Stock Slump

Nvidia continued its run today, but it was not enough to offset the broader weakness caused by lackluster economic data. Big banks kick off a new earnings season tomorrow morning, with individual company results adding more uncertainty to the already messy macro picture. 👀

Today's issue covers the impact of today’s economic data on the market, $AEHR’s soaring earnings, and a rundown of several popular stocks. 📰

P.S. We apologize for today’s newsletter's wonky formatting. We encountered an issue with the spacing between lines right before sending it and were unable to troubleshoot it in time. Thank you for your understanding.

Here’s the S&P 500 heatmap. 2 of 11 sectors closed green, with energy (+0.68%) leading and real estate (-0.83%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $JTAI, $FSLR, $NET, $SYM, $TVGN 📉 $TD, $EPIX, $SNAX, $DAL, $BNGO*

*If you’re a business and want to access this data via our API, email us.

ECONOMY
Inflation Up & Employment Down Turns Stocks Around 🙃

Stock market investors and traders were betting on inflation continuing to cool today, but instead, they got a hotter-than-expected print.

The consumer price index (CPI) rose 0.2% MoM and 2.4% YoY, slightly more than the 2.3% increase anticipated by analysts. Stickiness in shelter prices drove the move, which remains the key driver of services inflation. 📊

Meanwhile, eggflation is back in action, with prices rising 0.8% MoM and 8.4% YoY as the lingering bird flu weighs on the supply chain. Although that factor didn’t help the hot print, it mostly makes for a funny headline…lol 🐣

In the labor market, U.S. initial jobless claims rose to 258,000, their highest level in a year, which could suggest companies are beginning to lay off or fire workers at a faster pace than they had been. Granted, this weekly dataset is volatile, so we’ll have to wait for a few more data points to confirm the trend.

With that said, inflation surprising to the upside and employment surprising to the downside is not what the market wanted to see. That’s why we saw stocks sell off today while gold and precious metals caught a bid.

Overall, this was not a major shift, but it did raise caution flags for investors who have been betting big on the party continuing into year-end. ⚠️

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