Market Moves Sideways After CPI, Closes Down For First Time In 6 Weeks

Key Takeaways

S&P closed at 4,682.86 down from an ATH of 4,697.52 last week. This is the first losing week after 5 consecutive weekly gains and a strong move higher.Consumer sentiment hit a 10-year low as the University of Michigan Consumer Sentiment Index went down to 66.8 which was a 6.8% drop.The CPI reading came in above estimates this week at 6.2% versus an expected reading of 5.9%, leading to fresh salvos in the inflation debate.Despite several setbacks in data releases, we believe...

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