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The CML Close - Inflation selling, S&P in a bear, China may have a problem, FOMC on Wednesday - 06-13-2022




Date Published:



Markets
Stocks fell abruptly still reeling from the CPI result that was released on Friday, before the market opened.

Bond yields hit new highs and the S&P 500 is officially in a bear market, joining the NASDAQ and Russell 2000 indices.

SPX 3,749.63 -151.23 (-3.88%)
NASD 10,809.23 -530.80 (-4.68%)
DJIA 30,516.74 -876.05 (-2.79%)
R2K 1,714.59 -85.69 (-4.76%)
VIX 34.02 +6.27 (+22.59%)
Oil 120.83 +0.16 (+0.13%)


• FOMC decision is due out on Wednesday.

• S&P 500 is in a bear market.

• China's economy may be in trouble.

• Supply chains snarks are improving, but a full recovery may not arrive until 2024.

Headlines of the Day
S&P 500 Closes in Bear Market Territory. Dow Falls 900 Points.
The stock market tumbled again Monday—with the S&P 500 closing in bear market territory. Bond yields jumped to new heights as fears about Federal Reserve rate hikes persist.

China’s Economy Is In Trouble. The Ripples Will Hit the Fed.
The world’s two largest economies are navigating an increasingly difficult task—the U.S. Federal Reserve is trying to tamp down inflation without a hard landing while Chinese policy makers are looking to repair the damage from their zero-Covid policies.

DHL Warns Supply Chain Won’t Recover to Pre-Covid Days in 2023
Conditions are improving, but will take more time: Scharwath. More goods heading to US and Europe ahead of year-end holidays.

Morgan Stanley’s Gorman Is ‘Pretty Relaxed’ About Recession Threat
The bank’s CEO reiterates at an investor conference that he expects any U.S. downturn to be mild and short-lived.

China Is Walking Back Virus Loosening Weeks After Reopening
Beijing says risk of further Covid spread from bar cluster. Authorities delay reopening for most schools in Beijing.

Economic Data Results for 6-13-2022
United States Consumer Inflation Expectations
US consumer inflation expectations for the year ahead rose to 6.6% in May of 2022 from 6.3% in April, matching a record hit in March. After declining sharply last month, the year-ahead expected change in the price of gas rose slightly to 5.5%.

Economic Data Due Tomorrow on 6-14-2022
United States Producer Prices Change

United States Producer Prices Final Demand Less Foods and Energy

United States IBD/TIPP Economic Optimism Index

United States Nfib Business Optimism Index




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