Sticky Inflation Revives Rate Hike Fears as Tech Leads a Broad Selloff | Wall Street Closing Bell with Peter Tuchman
From Wall Street Closing Bell: Daily Market Recap with Peter Tuchman, the Einstein of Wall Street · 00:03:45
Show by GLORION Media
Today’s Wall Street Closing Bell recap with Peter Tuchman.In today’s episode of Wall Street Closing Bell, Peter Tuchman, the legendary New York Stock Exchange (NYSE) trader known as the “Einstein of Wall Street,” breaks down everything that moved the stock market today. Stocks posted their worst session in months on 1.4 billion shares. Down volume beat up volume two to one, and the S&P 500 (SPY) fell nearly 100 points at the lows. A stickier Consumer Price Index (CPI) reading of 3.7% put a Federal Reserve (Fed) rate hike back on the table, while CoreWeave (CRWV) led a broad slide in tech stocks. The Volatility Index (VIX) jumped and transports finished flat. Crude oil held above $100 a barrel, a level Peter believes carries real inflationary weight after six months at those prices. He also points to uncertainty around the midterm elections weighing on investor sentiment. Mid-October profit taking added pressure as funds lock in gains and start tax harvesting after more than 65 record highs this year. With declines outpacing advances two to one, Peter reads today as true selling momentum that can build as more investors head for the exits.Today’s TopicsWorst session in months as the S&P 500 (SPY) drops nearly 100 points at the lows on 1.4 billion sharesConsumer Price Index (CPI) comes in stickier at 3.7%, putting a Fed rate hike back in playCoreWeave (CRWV) drags tech lower as the sell side takes controlDeclines beat advances two to one, signaling real selling instead of rotationOil holds above $100 as funds begin year-end profit taking and tax harvestingWhat Peter is watching as selling momentum builds into late October and NovemberTopics CoveredWall Street, Stock Market, Stock Market News, Wall Street Closing Bell, Peter Tuchman, NYSE, New York Stock Exchange, Investing, Trading, Finance, Market Recap, Market News, Stocks, Federal Reserve, Interest Rates, Inflation, Earnings, S&P 500, Nasdaq, Dow Jones, Investor Sentiment, CPI, Consumer Price Index, Rate Hike, CoreWeave, CRWV, Tech Stocks, Stock Market Selloff, VIX, Volatility, Oil, Crude Oil, Midterm Elections, Tax Loss Harvesting, Profit Taking, Market Breadth, Fund Selling, Wall Street Today.
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