Friends

Pretty much the same story. Oil prices and bond yields move higher and stock prices fall. Oil prices are closing in on $100 per barrel and the yield on the 10-year Treasury note is closing in on 5%. As we have mentioned, those are strong headwinds for stocks.

By the close, the Dow Jones Industrial Average was down 405 points to finish the day at 52,381. The S&P 500 was down 37 points to close at 7,636. The Nasdaq Composite Index was down 168 points to close at 26,253. Gold was up $6 to trade at $4,445 per ounce, while oil was up $3.27 to trade at $96.30 per barrel WTI.

Tomorrow, we get a look at inflation on the wholesale level with the Producer Price Index, and then on Friday we will see how inflation is affecting the consumer directly with the release of the Consumer Price Index. Buckle up, those numbers will likely be market moving.

Have a nice evening everyone.

Jim