S&P 500 (SPY) Stays Close To Yearly Lows

Traders Continue to Be Nervous Before the CPI Report

The S&P 500 is fluctuating between gains and losses as traders exercise caution ahead of tomorrow's publication of the CPI data.

The PPI data, which revealed a 0.4% month-over-month rise in producer prices in September, was the main topic of discussion among traders today. Producer prices increased by 8.5% on an annual basis as opposed to the expert estimate of 8.4%. The news gave the dollar some support, but it is obvious that traders are not prepared for significant changes before the crucial CPI data.

The price of cruise stocks rose sharply today. In today's trading session, Norwegian Cruise Line, Carnival Corporation, and Royal Caribbean Cruises are all up 8% to 8%. Recently, as traders attempted to gauge the strength of demand in the fourth quarter of this year, cruise stock prices have been very erratic.

Leading tech equities now exhibit varied dynamics. While Meta and NVIDIA are under pressure, Apple, Microsoft, Alphabet, and Amazon are making progress.

From a broad perspective, equities found some support close to their annual lows, but their short-term dynamics will be influenced by tomorrow's CPI data. The market will be greatly affected by inflation statistics because traders continue to fear that an overly active Fed could send the economy into a deep recession.