Wholesale inflation shot higher last month, soaring to the highest level in over four years. September wholesale inflation rose 1.3% MoM and 6.3% YoY versus expectations of 0.5% and 5.3%. It’s the fastest monthly increase since March 2022 and the highest annual rate since Dec 2022, in the wake of 9.1% CPI.

Retail sales slowed to 0.8% after rising a sugprising 1.3% in August. Keep in mind that retail sales is not adjusted for inflation, so was nearly flat on a net basis.  Also keep in mind that these are the data which has been blessed by the White House. How much worse were the actual data?

Futures are moderately lower as we approach the open.

Equity weakness has been particularly pronounced in the tech sector, with CRWV plunging 15% and ORCL 10%. Even INTC shed 6% and NVDA slumped by 3%. COMP should test its SMA50 today, and is on track to test a TL from Apr 2025 that targets 24855, a 10% correction from its recent all-time highs.

continuing…