In boxing, they say it’s the punch you don’t see coming that hurts the most. It’s the opposite today on Wall Street, where stocks are falling sharply despite a blow from the Fed that almost everyone probably knew was in the works.
If the phrase, “Never sell a dull market” needs a perfect example, yesterday might be the one. We had a really impressive rally despite very little market-related news. Today, the long streak of positive performances appears to be threatened.
When it comes to reopening, there aren’t many better barometers than Disney (NYSE: DIS). From theme parks to movie theaters to resorts, the company has a finger in lots of pies.
These days, monthly inflation reports carry almost as much weight in the market as monthly job reports. Today’s consumer price index for July came in around expectations, meaning the impact on Wall Street might not be too heavy.