The latest oil price jump to ten-month highs raised concerns about pricing pressures and will certainly draw the Fed’s scrutiny.
At the forefront of markets’ minds is the crucial US Consumer Price Index report expected on Wednesday, which should shed further light on the inflation outlook and provide some clarity about whether the Federal Reserve is done tightening. “When you have those sort of volatility in the food and energy components, the worry is that if it’s persistent then it does tend to bleed into core inflation measures over time.”
Apple dropped 1.8% after unveiling new iPhones while not increasing prices as it faces a global smartphone glut, and Oracle shares tumbled more than 13% after the cloud-services provider forecast current-quarter revenue below targets.
Source: Financial Digest (financialdigest.net)
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