U.S. equities finished mixed, with the Financials sector leading the laggards, despite a sharp rise in Treasury yields, in the wake of mixed results from Dow member JPMorgan Chase, Citigroup, and Wells Fargo & Company.
High inflation is finally impacting consumer behavior, and traders are contemplating the lesser of two evils; high inflation or higher interest rates. Volatility is likely to persist as this debate will not be resolved next week.
U.S. equities managed to add on to yesterday’s gains as consumer price inflation showed a modest increase month-over-month, and the year-over-year headline figure came in line with expectations but near a 40-year record.
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