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Stocks Shy Away From Multi-Decade High Inflation

EQUITIES
  • Equities traded uniformly lower Thursday, extending the response to a multi-decade high print in CPI inflation - with all headline and core measures beating analyst expectations. Weight initially went through the e-mini S&P to pressure prices to lows of 4512.50, before a mid-session recovery was quashed by a particularly hawkish speech from Fed's Bullard, who spoke in favour of a cumulative rise of 100bps in the Fed Funds Rate by H2, and even raised the notion of an inter-meeting Fed rate hike.
  • Materials were the sole sector to make gains across the S&P 500, with persistent strength in precious metals buoying miners including Freeport-McMoRan - which holds its considerable YTD rally.
  • The tech sector was among the poorest performer in the S&P 500, edging lower alongside a rally in short-term US yields. Despite a modest flattening in the curve, a US 2y yield at new multi-year highs was enough to sap the recent recovery in growth names.
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