Afternoon Note
Well, the CPI dip didn’t last long. The major indices are higher today, but off the highs, as investors have settled into numbers being a “blip.” And perhaps it was. This morning, the Producer Prices (PPI) for final demand declined 0.2% m/m from the initial estimate of -0.1%. October and November remained unrevised. Core PPI, ex food and energy, dropped 0.1% compared to the initial flat reading.
Eight of the eleven sectors of the S&P 500 are positive with Industrials leading the way. Energy is the worst performer. WTI is below $78 per barrel after the EIA data released show an increase in supply of 12 million barrels. Gasoline and distillate stockpiles saw outflows, however. Meanwhile, Natural Gas has fallen to a 3 ½ year low, down another 4% today to $1.61/MMBtu.
Three of our favorite metrics are all positive today.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
2,204 |
3,037 |
Decliners |
608 |
1,065 |
New Highs |
75 |
81 |
New Lows |
29 |
68 |
Up Volume |
1.29 billion |
2.23 billion |
Down Volume |
465.10 million |
647.55 million |
On the housing front, mortgage applications declined 2.3% last week from the prior week, pressured by an increase in rates.
Applications:
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