Happy trading, it's Wednesday, September 11th. The market squarely pulled back this morning, even after CPI came in a year-to-year low that had not been seen since before inflation ran up during the pandemic in 2021. It is a solemn anniversary in the New York City metro area, but we will never forget.
Still, the market paid more attention to the aftermath of the first debate between former President Donald Trump and Vice President Kamala Harris in the run-up to the 2024 election.
My name is Kevin Travers; here is a quick roundup of the U.S. stock market today.
00:00 / 04:30
$Trump Media & Technology (DJT.US)$fell about 15% after Trump's debate appearance. Investors are waiting for the end of the pre-public SPAC merger share lockup: Stock owners like Trump have billions in shares they can sell.
$GameStop (GME.US)$stock plummeted 16% Wednesday after Tuesday's Q2 earnings of 4C/share beat expectations of -9C but sales dropped 30%. The firm filed a registration statement Tuesday concerning its proposed sale of up to 20 million of its class A common shares.
$Albemarle (ALB.US)$, an industrial production firm climbed 8% Wednesday, the highest on the S&P 500. The firm has a large lithium energy and compound segment. According to MarketWatch, the miner rallied after Citi analysts said the Chinese lithium mining giant CATL told reporters it would cut some of its production.
Within industries tracked by moomoo, solar and green energy stocks climbed in part after Vice President Kamala Harris took on former President Donald Trump and talked about investing in Green Energy.
The market started to fall shortly after opening, falling across the board. Every S&P 500 sector was lower, and 7500 equities were declining on the market, compared to just 2500 climbing.
Consumer prices grew 2.5% year over year, the lowest CPI year-to-year growth from the Bureau of Labor Statistics since the beginning of the pandemic. Year-over-year Core CPI, which excludes energy and food, is unchanged from last month's 3.2%. Month over month, Core CPI actually climbed from 0.2% to 0.3%.
PPI and initial jobless claims will be released on Thursday.
Last week, just before the blackout began in the lead-up to the FOMC September 17-18th rate decision meeting, investors also got word from New York Fed President John Williams Friday that it is time to cut rates.
Speaking toward the Council on Foreign Relations, Williams said the economy is balanced, and inflation is tracking lower, and "it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate."
Last Friday, the economy added 142k nonfarm payrolls last week, and the Unemployment rate landed at 4.2% in August, according to the Bureau of Labor Statistics. Payrolls were below expected by 20k, but fit the narrative of softening labor in the U.S. that investors have come to expect.
Yesterday, users bet the market would fall today, no matter the debate's outcome.
Who won the debate?(Single Answer)
Kamala
31%
Trump
52%
America Lost
11%
The market
6%
251
votes
·
Vote has ended
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Kinni420
:
Lol it was scripted for her. Trump was against 3 opponents. plus the fake media who streamed live on YouTube with just their own comments. Anyways please make sure you vote. cheers from Canada
Coach Donnie
:
No matter who’s in office, things will ONLY improve once the USA learns to work together more, be less prejudice, be less judgmental, listen instead of just talking, treat each other better, love and serve each other.
Having a strong “President”, economy and military without the things above doesn’t ensure you last for thousands of years like other nations have.
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How will you adjust your portfolio under Trump's tariff impact?
55%45%
🚀Risk Assets
🛡️Safe-Haven Assets
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Clement Lemons : okk
Clement Lemons : okk
102181510 : o.k
Emanuel Seclen : yeah trump trump trump
Laine Ford : not comment
Kinni420 : Lol it was scripted for her.
Trump was against 3 opponents. plus the fake media who streamed live on YouTube with just their own comments. Anyways please make sure you vote. cheers from Canada
151813382 : trump supporters are gonna vote trump no matter what
EZ_money : everything is an illusion
we're living in the matrix
Coach Donnie : Truth is…
Coach Donnie : No matter who’s in office, things will ONLY improve once the USA learns to work together more, be less prejudice, be less judgmental, listen instead of just talking, treat each other better, love and serve each other.
Having a strong “President”, economy and military without the things above doesn’t ensure you last for thousands of years like other nations have.
#CoachDonnie
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