Day Traders Diary

9/13/23

The major averages were mixed on a quiet day following hotter-than-expected August core inflation data. The Dow Jones is down 70 points or 0.18%. The S&P 500 rose 5 points while the Nasdaq rose 39 points or 0.35%.

3M is the biggest laggard in the 30-stock Dow. Shares dropped more than 5% after finance chief Monish Patolawala warned of slowing growth heading into year end and 2024. 

August's core inflation print in the consumer price index increased 0.3% and 4.3% respectively, against estimates for 0.2% and 4.3%. Federal Reserve officials typcially focus more on the core number as it provides a better indication of where inflation is heading over the long term.The headline numbers rose 0.6% last month, and up 3.7% from a year ago.

Wall Street has mostly priced in a pause in rate hikes at the Fed's meeting next week. Fed funds futures pricing data as of Wednesday morning indicate a 97% probability of rates remaining the same, according to the CME FedWatch

The major averages are mixed on a quiet day following hotter-than-expected August core inflation data. The Dow Jones is down 70 points or 0.18%. The S&P 500 is higher by 5 points while the Nasdaq rose 39 points or 0.35%.