US equities open significantly lower, with the market spooked by the latest inflation data, which has naturally seen bond yields spike. A 50bps hike (March 16th) is increasingly probable.
sp’60min
VIX’60min
Summary
Headline inflation y/y: 7.5% vs 7.0% prior
Ex food/energy y/y: 6.0% vs 5.5% prior
Indeed… things are getting pretty hot. There is zero reason not to expect some months of further upside in inflation. Print Central is going to be under increasing pressure to hike rates in 50bps chunks.
As for equities… s/t momentum is due to turn negative, and we could easily tick lower into the mid afternoon.
Yours truly has some targets – not least CFVI, but I really should wait until we have a clear s/t cyclical floor, and again… that will likely be no earlier than this afternoon.
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notable Dow component: DIS
Post earnings jump… on pretty good subscriber data.
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notable stock: CFVI, 60min
The main market sure isn’t helping. I should be buying… once the main market finds a s/t cyclical floor.
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notable steel: CLF
Earnings due early Friday should show improvement. I could understand the very bold buying late morning/this afternoon. I’m almost tempted.
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notable miner: LAC
Lower with the main market. I should be buying back… if annoying still higher than my Mon/Tuesday.