Led by a 9.3% drop in energy and a 1.5% decline in food, the Producer Price Index fell 1.9% in December, nearly in line with an expected decline of 2.0%. The core rate, which removes food and energy, increased 0.2%, above the estimate of a 0.1% rise. A jump in auto and drugs was responsible for the outsized gain. Year-over-year (y/y), the headline rate is down 0.9%, but the core rate edged up from 4.2% y/y to 4.3%.
The Philly Fed’s Business Activity Index improved for the second-straight month, rising from -36.1 in December to -24.3 in January. New orders edged up but employment worsened. Prices remain under downward pressure, with prices received rising from -32.8 to -26.2 and prices paid falling from -25.5 to -27.0.
The Dow Jones Industrial Average rose 12 points (0.2%) to close at 8,212, the S&P 500 Index gained 1 point (0.1%) to 845, and the Nasdaq Composite advanced 22 points (1.5%) to 1,512. Crude oil declined $1.88 to $35.40 per barrel, and gold ended up $7.30 at $816.10 per ounce.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
