This post was originally published on this site. US October PPI +6.5% vs +6.6% expected Fed’s Goolsbee: We’re not on the way to 2% inflation and we have to deal with that Goldman Sachs: We can explain almost the entire US inflation overshoot by tariffs and the war in Iran Fed’s Collins: I would think some additional policy tightening is warranted soon Fed’s Daly: In all likelihood, we need to raise rates Markets: USD leads, AUD lags WTI crude oil up 43-cents to $89.17 US 10-year yields up 3.8 bps to 5.14% S&P 500 down 0.4%, Nasdaq down 0.9% Gold...

This post was originally published on this site.The S&P 500 is down 0.6% today and the Nasdaq down 1.0% but it’s not as bad as it looks — so long as you don’t own chip stocks and some AI-related names. Most stocks in the S&P 500 are higher today with 274 up and 197 down. Similarly, the index is solidly higher on the week. The pain is on the chip side of the equation where there are some harrowing losses in light of the turmoil around Nvidia and next week’s Anthropic IPO. The overall resilience is impressive considering the terrible...