EconCurrents

Wall Street lost ground today for fears Omicron is spreading faster than any other Covid variant. The hotter-than-expected wholesale inflation reading is also placing downward pressure on the financial markets as Fed kicks off the meeting. The DOW closed down 107 points, NASDAQ down 1.1%, WTI crude settled down to 70.36, USD rose to 96.57.

A near-term pullback, then the third bubble in 100 years is coming, says a team at Stifel, led by Barry Bannister. After the “worst inflation call in history” and its credibility shattered, Chair Jerome Powell will need to take the reins hard, says Allianz’s chief adviser Mohamed El-Erian.

US stocks drop after report shows a sharp rise in producer prices, and the US dollar rises as central bank decisions looms. The Federal Reserve is expected to take a very big step toward its first rate hike.

Markets closed down in fear of a Fed survey showing soaring inflation expectations and Omicron growing cases of infection. The UK confirms the first death with the omicron Covid variant and prepares for a tidal wave of cases. The upcoming Fed meeting also added to investors’ fears.

The DOW slipped from its session highs to close down 320 points, NASDAQ down 1.4%, and the $SPX down 0.9%. The late afternoon fall stopped at the support built during the last four sessions – BUT will that support hold?

One strategist says, ‘Expect a near-term stock pullback, then a big new bubble.’ Gold remains in the 1788 range today, WTI crude is higher at 71.34, and Bitcoin falls to 46500.

Wall Street closed up with the SP 500 closing pinnies below its high record mark, but record close despite inflation fears, posts best week since February. DOW closed up 216 points and NASDAQ up 45 points.

Stock-market ‘crash and depression coming’ warns ‘Rich Dad, Poor Dad’ author Kiyosaki, as inflation report hottest in 39 years. The most sizzling U.S. inflation rate in almost 40 years brings a sigh of relief in some corners of financial markets.

The DOW was down insignificantly whilst the S&P 500 posted a loss of -0.72% and NASDAQ off 1.71%. Gold was off marginally at $1,776, WTI oil down to $70.61, and Bitcoin fell to $48,283.

Although today’s jobless claims data released today were at the lowest levels since 1969, inflation fears and the potential contagion from the default of China’s Evergrande (who has $300 billion in debt).

Markets closed up, barely. DOW up 35 points, NASDAQ up 100 points, and $SPX up 0.3%. Very slow session in terms of points spread. SP 500 climbed within rock-throwing distance of its record high, continuing its upward movement. WTI inched higher, settling at 72.70. Gold and silver tracked each other, with gold at 1782 and silver slipping to 22.40.

Bitcoin was relatively stable for the second day at 50600.

Wall Street closed up 492 points after a relatively stable session of sideways trading near its previous record high. Tech stocks lead the markets higher for a second day, and Nasdaq notches its best day since March, closing up 3 points. WTI crude continued its advance settling at 71.51. Gold remained at the 1785 range, and silver traded mostly sideways around the 22.50 range.

The DOW made a 200 point upwards gap at the opening and remained near its session highs for the day. The US dollar remains above 96.36 while the crypto Bitcoin slipped to 50400.

Major U.S. and International markets closed up today recovering somewhat from last week’s train wreck. The DOW closed up 1.87%, NASDAQ up 0.93% and the S&P up 1.17%. The markets continue to show volatility based on the uncertainty over the potential impact of the COVID Omicron variant which the weekend’s headlines show it likely will not cause severe illness. Oil prices were 4.9% higher at $69.49 per barrel. Gold stands at $1,788. Bitcoin closed up at $50,474.

The DOW closed up 618 points as market volatility from omicron continues but remains down 1175 points from the November 26 Omicron scare selloff. Today’s green volume is higher than yesterday appearing some BTFDer are buying making it difficult to determine if the selloff has finished or a bit more to go. WTI crude settled at 66.82 remaining far below the 85 plus high of several sessions ago. The selloff volume seen on the 26th. was not nearly as high as it could have been indicating much of the selling was from Robinhood-type investors.