The stock market slid on Friday after January’s producer price index, another inflation measure, posted 0.7% monthly increase. Such is higher than estimates of 0.4%. Meanwhile, jobless claims declined, which imply a tight labor market.
Furthermore, two Fed officials advocated larger rate hikes as the central bank considering latest economic data.
Overall, S&P 500 declined 1.4% to 4,090, while NASDAQ fell 1.8% to 11,856.
Tweet of the Day
Since 1950, he is correct… https://t.co/AhqWNb1sAs pic.twitter.com/vK6NeS0XuN
— SentimenTrader (@sentimentrader) February 16, 2023
Chart of the Day
Our chart of the day is the one-year chart of InMode (INMD).
This is what a perfect breakout looks like. High volume too.
InMode was a former market leader, but the stock went on a parabolic run higher, then collapsed.
Now it moved above a beautiful long base. The longer the base, the stronger the move (they say).
