The equity markets retreated on Monday following last week’s swell to new highs. The earnings exaltation is being strengthened by increasing escalating inflation and the possibility of higher interest rates from the FOMC.
The latest implications of systemic inflation arrive from Alcoa and Coca Cola Alcoa reported better than predicted revenue, and earnings were induced by soaring demand and soaring prices for aluminium. Coke, a large buyer of aluminium, indicated in earnings reports it would inflate its prices to resist higher input charges in the face of higher demand.
The takeaway for investors is the market is sitting intoxicated on anticipations of economic rebound but at risk of correcting if the inflation data gets escalates. The S&P 500 is about 3% above its closest support point, with no significant data due until the end of the week. Till then, the focus will remain on the earnings reports.
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