Dow futures surge more than 800 points after October inflation report is lighter than expected

Has inflation peaked? Lets hope so.

Dow futures surge more than 800 points after October inflation report is lighter than expected
https://www.cnbc.com/2022/11/09/stock-market-futures-open-to-close-news.html
The consumer price index, a broad-based measure of goods and services costs, rose just 0.4% for the month and 7.7% from a year ago. That was its lowest annual increase since January. Economists were expecting increases of 0.6% and 7.9%, according to Dow Jones. Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis, also less than expected.

“It certainly shows how much the markets been keyed about, worried about and wants to run on CPI if you get any sort of help here,” said John Briggs of NatWest. “It just brings up the idea of peak inflation, peak Fed...The Fed will slow and peak rather than continue to aggressively hike at 75 basis point as at a time.”

 

Inflation cools but stays near 40-year high
https://abcnews.go.com/Business/for...ion-cooled-slightly-october/story?id=93006609
Consumer prices are up 7.7% over the year ending in October, but that's a significant drop from the 8.2% inflation rate a month prior and below 8% for the first time since February.

The report outperformed the expectations of economists, who had predicted a CPI increase around 7.9%.

On a monthly basis, the consumer price index increased at a rate of 0.4%, rising at the same pace that it underwent in September, the Bureau of Labor Statistics said on Thursday.

 

DOW +1000 points
NASDAQ +6.0%
S&P +4.5%

 

The market speaks.....money to be taken!