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US core inflation came in at 3.7% y/y vs. expectations of 3.6% y/y, and core inflation came in line with analysts' expectations of 4.1% y/y.
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US jobless claims was slighlty higher than expected but still very low (209 k vs 207 k exp and 210 previously)
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Higher core inflation readings may be a signal to the Fed that it is too early to announce an end cycle of rate hikes
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US treasury 10-year yield has increased by 15 basis points today reaching 4,71% which pressured stocks valuations
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S&P 500 leadiing declines on Wall Street losing 1,15% - Nasdaq and Dow loses 1%
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The major stock indices from Europe erased gains completely or at least significant part of them.
The DAX closed 0.3% lower, and France's CAC40 lost 0.37%. -
U.S. stock indexes erased initial gains, Declines on the Nasdaq, S&P500, and Dow Jones indexes exceeded 0.5%, but the Russell2000 is losing the hardest, with a discount of more than 2.5%.
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PepsiCo and Coca Cola shares are seeing declines. InMode shares lose more than 20% after the company lowered its estimated annual revenues
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In the foreign exchange market, we are seeing a marked strengthening of the dollar.
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The worst performers among the major currencies are AUD and NZD, with losses of up to 1.5% against the USD.
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EURUSD retreated dynamically below 1.0600, which could lead to an extension of the declines towards the pits from the beginning of the month.
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Precious metals are trading lower on the back of a strong dollar, with gold losing 0.25% and silver off 1%. Palladium (-3.7%) and platinum (-2.6%), on the other hand, are trading strongly down.
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The EIA report showed a sizable increase in oil inventories, putting OIL quotes under pressure, in the evening WTI fell into the $82.5 area.
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EIA natural gas inventories came in line with expectations of 84 bcf vs 86 bcf previously
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Cryptocurrencies are also under rising US dollar pressure, Bitcoin settled in the area of $26,000. FTC reached settlement with bankrupt crypto company Voyager that will ban it from handling consumer assets and now regulators are filling suit against its former CEO
Silver reacted at the key resistance level, and a bearish candlestick formation is forming on the D1 interval. Source: xStation5
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