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The CML Close - Stocks down, oil plummets, business optimism down, and inflation is the only thing that matters - 07-12-2022




Date Published:



Markets
Stocks were down as as oil while future inflation expectations are up.

All eyes will be on both CPI and Core CPI inflation measures due out tomorrow. Small business optimism sinks to a 9-year low.

SPX 3,818.80 -35.63 (-0.92%)
NASD 11,264.73 -107.97 (-0.95%)
DJIA 30,981.33 -192.51 (-0.62%)
R2K 1,728.18 -3.83 (-0.22%)
VIX 27.29 +1.12 (+4.28%)
Oil 95.52 -8.57 (-8.23%)


• United States consumer inflation expectations are up.

• Americans are spending less on their credit cards.

• Small business optimism is tumbling.

Headlines of the Day
Dow drops more than 100 points, stocks fall ahead of key inflation report
U.S. stocks tumbled on Tuesday as worries over global economic growth dented investor appetite for risk assets and Wall Street braced for June inflation data.

Worst of Global Energy Crisis May Still Be Ahead, IEA Says
Security of oil and gas supplies remains a major challenge. China has “big-footed” world on new energy supply chains: US.

Americans Are Spending Less on Their Credit Cards, Lenders Say
Americans dialed back spending on their credit cards in June, pointing to another weak month of US retail sales, according to two major lenders.

Goldman Goes Cold on Copper as Power Crisis Sparks Bearish Pivot
Metal is now 40% below where the bank’s analysts expected. Energy crunch centered on Europe threatens global demand.

Small-Business Confidence Dives Amid Rising Inflation Fears
Small businesses have never felt more morose about the future of the U.S. economy. Thank inflation, their number-one problem.

Economic Data Results for 7-12-2022
United States Consumer Inflation Expectations
US consumer inflation expectations for the year ahead jumped to a new record of 6.8 percent in June 2022 from 6.6 percent in May.

United States Nfib Business Optimism Index
The NFIB Small Business Optimism Index in the United States decreased to 89.5 in June of 2022, the lowest since January 2013, and compared to 93.1 in May.

United States IBD/TIPP Economic Optimism Index
The IBD/TIPP Economic Optimism Index in the US increased to 38.5 in July of 2022 but still remained close to an 11-year low of 38.1 hit in June.

Economic Data Due Tomorrow on 7-13-2022
Inflation Rate MoM JUN (estimates: 1.1%)

Inflation Rate YoY JUN (estimates 8.8%)

Core Inflation Rate MoM JUN (estimates 0.5%)

Core Inflation Rate YoY JUN (estimates 5.7%)



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