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Markets Down Large On Overvaluation Fears

Closed-off tables during COVID-19 pandemic, Stewart’s Shops, Walden, NY
Image by Daniel Case

Financial markets were down big today, close to 2%, after several investment personalities openly worried about high valuations on the rebound from the March equity lows.

POTUS did not have good things to say about the development.

Deflationary trends continued with lower than expected PPI numbers.

Fed Chairman Jerome Powell hinted at more ‘fiscal’ work to be done by Congress to pull the US out of the recession.

The price for crude oil on international markets fell approximately 2% despite an unexpected draw on stockpiles.

Producer Price index (YoY) (Apr) printed at -1.2% vs -0.2% consensus estimate.

Producer Price Index ex Food & Energy (MoM) (Apr) printed -0.3% vs 0 estimate.

Producer Price Index ex Food & Energy (YoY) (Apr) printed at 0.6% vs 0.9% estimate.

Producer Price Index (MoM) (Apr) printed at -1.3% vs-0.5% estimate.

EIA Crude Oil Stocks Change (May 8) printed at -0.745M vs 4.147M estimate.

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