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Market Brief – Tuesday 9/13/22

Stocks rallied and Treasury yields declined in overnight trading up until the Consumer Price Index was released. Stocks plummeted and yields soared following a hotter-than-expected CPI print.

The National Federation of Independent Business Small Business Optimism Index rose slightly from 89.9 in July to 91.8 in August.

The Consumer Price Index rose +0.1% in August and slowed slightly to +8.3% from this time last year. Excluding food and energy, Core CPI rose +0.6% in August and rose to +6.3% from this time last year. Real, or inflation-adjusted earnings fell -0.1% in August.

Today’s $18 billion 30-year Treasury Bond auction was met with strong demand as foreign bidders took 72.1% of the auction and domestic bidders took 17.1% of the auction, leaving securities dealers with 19.8% of the auction.

Stocks erased three days’ worth of gains as they closed sharply lower on the day. Treasury yields closed slightly lower following a strong 30-year Treasury Bond auction.