Market Recap – October 12th
On Thursday’s trading day, markets pushed to lower levels as investors digested all economic data released this week. Both wholesale and retail inflation for September came hotter than expected, signaling enough evidence to raise the chances of a Fed interest rate hike later this year. The minutes from the previous FOMC meeting also reiterated how restrictive policy will stay so long as inflation remains rampant. For the main indices, the S&P 500 dropped 0.62%, the NASDAQ Composite went down 0.63%, and the Dow Jones fell 0.51%. American pharmacy chain Walgreens had its stock soar 7.04% by the bell after displaying progress through cost-cutting measures in its earnings report on Thursday. Another stock to show considerable gains from its earnings report was industrial supplies company Fastenal, rising 7.52% after beating expectations for its bottom line.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.