Stocks pulled a 180 pessimistic for the second straight session, with the major indices opening trade on Friday in the green only to fade at the close.
The day began with news on inflation: the Bureau of Labor Statistics reported that the US producer price index jumped a record 8.3% year-on-year in August; On a month-to-month basis, wholesale costs rose 0.7% less well than expected, possibly indicating a spike in producer inflation.
“While the annual number has risen sharply… the monthly number has fallen sharply. It means that looking back we see higher inflation, but looking around we see that inflation is starting to go down” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “The real takeaway from this report is not that inflation is high, which we already knew, but that the trend is showing signs of reversal.”
Jennifer Lee, senior economist for BMO Capital Markets, notes that the “core” PPI was up 0.6% “still hot” but only 0.3% if you exclude commercial services, which is the smallest such increase in about nine months.
Still, Charlie Ripley, senior investment strategist for Allianz Investment Management, says Americans are likely to feel the pinch.
“While higher wholesale prices do not necessarily translate into higher consumer prices, it is hard to imagine that the current 8.3% annual increase in PPI will not exert pressure. on businesses to pass further price increases on to consumers, ”he says.
The most obvious drag on Wall Street was the biggest company in the stock market: Apple (AAPL, -3.3%). The actions ran out of steam less than an hour to noon after a federal judge ruled that Apple should allow app developers to use payment options other than the App Store. Apple got a partial victory, however, as the judge did not rule that the company was a monopoly.
The Dow Jones Industrial Average, up 225 points (0.6%) from its morning peak, slipped to its fifth consecutive decline, down 271 points, 0.8% to 34,607. S&P 500 (-0.8% to 4,458) remained mired in its own five-day drop, while the NasdaqComposite (-0.9% to 15,115) suffered their third straight loss.
Other stock market news today:
- Small cap Russel 2000fell 1.0% to 2,227.
- Kroger(KR, -7.5%) collapsed on Friday despite a quarterly earnings report. Kroger reported adjusted second-quarter earnings of 80 cents per share from the highest expectations of 16 cents, while revenues of $ 31.7 billion also beat estimates of $ 30.6 billion. However, the company reported a decline in its gross margins, to 21.4% in Q2 from 22.6% in Q1. Other headwinds are also looming. “While today’s results are encouraging, we believe there is a downside risk to the guidance, especially as several union contract negotiations are scheduled to take place this year and Democrats are doing so. pressure for a starting salary of $ 15, “writes the CFRA. analyst Arun Sundaram, who rates stocks at Sell. “Digital profitability, sales deleveraging, negative sales mix and lingering costs from COVID-19 are also expected to be headwinds. “
- U.S. Crude Oil Futures improved 2.3% to $ 69.72 per barrel.
- Gold Futureswas $ 1,792.10, a decrease of 0.4%.
- The CBOE Volatility Index (VIX)jumped 11.1% to a roughly three-week high at 20.89.
- Bitcoin fell 2% to $ 45,647.49 as the Securities and Exchange Commission made a decision regarding fund provider Van Eck’s request for a Bitcoin exchange-traded fund. The SEC ruling day has been postponed to November 14 from September 7. 15. (Bitcoin trades 24 hours a day; prices shown here are at 4 p.m. each trading day.)
H20: A mega-trend in the making
ESG investment (environment, social and governance) covers a wide spectrum of issues. But a few selected industries tend to attract attention.
Electric vehicles, for example, are a very popular segment of the market, largely due to the nature of the consumer-oriented business. Most mainstream automakers now offer electric vehicles, and Tesla (TSLA) has demonstrated the potential of the technology by becoming one of the largest companies in the world.
Likewise, green energy stocks are gaining a lot of research and media attention thanks to the visible and global shift towards solar, wind and other alternative energy sources.
However, many investors would do well to pay attention to a decidedly unsexy (but equally critical) problem: water scarcity.
All over the world, water shortages are not only a future threat, they are a clear and present danger. The World Health Organization and UNICEF claim that as recently as last year, “about 1 in 4 people did not have safe, managed drinking water in their home and nearly half of the the world’s population did not have safely managed sanitation.
This is a powerful argument for water stocks and funds, which range from sanitizing and dispensing to even delivering water to your home. Read on as we explore a handful of water-themed mutual funds and ETFs that offer exposure to the emerging global water crisis.
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