{"id":64396,"date":"2022-10-13T09:08:28","date_gmt":"2022-10-13T13:08:28","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=64396"},"modified":"2022-10-13T09:08:28","modified_gmt":"2022-10-13T13:08:28","slug":"coffee-with-greta-stubbornly-high-inflation-causing-market-turmoil","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/10\/13\/coffee-with-greta-stubbornly-high-inflation-causing-market-turmoil\/","title":{"rendered":"Coffee With Greta: Stubbornly High Inflation Causing Market Turmoil"},"content":{"rendered":"

DJIA Futures: <\/b>-522 (-1.8%)<\/span><\/p>\n

SPX Futures: <\/b>-80 (-2.2%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-329 (-3.0%)<\/span><\/p>\n

Good morning friends!\u00a0<\/span><\/p>\n

Futures are plunging, reversing earlier gains as a hotter-than-expected CPI shows inflation pressures remaining stubbornly high.\u00a0<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Stocks Plunge As Inflation Runs Hot<\/span><\/h2>\n

Consumer inflation is still running red hot and that\u2019s bad news for the stock market.\u00a0<\/span><\/p>\n

The Bureau of Labor Statistics\u2019 consumer price index rose 0.4% monthly in September and 8.2% year over year.\u00a0<\/span><\/p>\n

Both readings were higher than economists\u2019 expectations even as the Fed hikes rates in an attempt to slow inflation.\u00a0<\/span><\/p>\n

The higher prices were boosted by rising rent as gas prices fell.<\/span><\/p>\n

Gasoline prices were down 4.7% on a monthly basis but still up 19.7% year over year.\u00a0<\/span><\/p>\n

Shelter prices rose 0.7% monthly and 6.6% annually.\u00a0<\/span><\/p>\n

Food prices also continued to gain with groceries up 0.7% monthly and 13% annually.\u00a0<\/span><\/p>\n

The core CPI \u2013 which excludes food and energy prices \u2013 rose 0.6% monthly and 6.6% year over year.\u00a0<\/span><\/p>\n

Both of those were also hotter than expected.\u00a0<\/span><\/p>\n

Weekly Jobless Claims Hit 7-Week High<\/span><\/h2>\n

Weekly jobless claims jumped to a 7-week high in a sign that layoffs may be rising amid the Fed\u2019s inflation fight.\u00a0<\/span><\/p>\n

The Labor Department reported 228,000 Americans filed initial unemployment claims last week.\u00a0<\/span><\/p>\n

That was up by 9,000 from the previous week and higher than expectations for 225,000.\u00a0<\/span><\/p>\n

Claims have risen in three of the last four week and this is the highest level since late August.\u00a0<\/span><\/p>\n

Continuing claims rose by 3,000 to 1.368 million in the week ending October 1.\u00a0<\/span><\/p>\n

British Pound Jumps<\/span><\/h2>\n

The British pound rallied against the dollar today following reports the British government is in talks to ditch parts of its recent tax cuts package.\u00a0<\/span><\/p>\n

The pound hit an all-time low against the dollar after those unfunded tax cuts were announced on September 23.\u00a0<\/span><\/p>\n

But Sterling traded 1.5% higher in London afternoon trading, hitting $1.1269.\u00a0<\/span><\/p>\n

The government is reportedly considering reversing course on the changes to corporate taxes and dividend taxes.<\/span><\/p>\n

Walgreens Tops Fiscal Q Expectations<\/span><\/h2>\n

Walgreens <\/b>(WBA) shares are up 1% ahead of the open after beating fiscal Q4 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

Here\u2019s how the healthcare company\u2019s results compared to analysts\u2019 expectations:<\/span><\/p>\n