A CPI print at 4.9% saw the NASDAQ end Wednesday’s session with a 1.11% gain after a volatile two-way trading session. The VIX got crushed again, closing lower by 4.36% at a price of 16.94. New York Federal Reserve President John Williams said that it would take time for the full effects of interest rate hikes to fully permeate the entire economy. He added that inflation returning to the central bank’s 2% target is not likely to happen over the next year. President Joe Biden and House Speaker Kevin McCarthy, along with other congressional leaders made little progress Tuesday as the two sides attempted to find common ground on the debt ceiling stalemate. However, the two pledged to keep negotiations open with the goal of averting a first-ever U.S. default. Their next meeting is scheduled for tomorrow. Under Armour (UA) reported shrinking profit margins in its latest reporting quarter despite beating earnings and revenue estimates. The retailer warned that higher inventory discounting was the primary reason for smaller margins. These results could foreshadow an emerging trend for retailers as the largest of those are set to report earnings in the coming weeks. European Markets closed lower. European Central Bank Executive Board Member Isabel Schnabel said that inflation remains far too high to consider anything other than a continuation of its rate hikes. Schnabel, one of the more hawkish voting members with significant influence, said that core inflation is the key metric the central bank wants to see fall before considering an end to rate hikes. In Asia, Italy has informed the U.S. that it is planning to end its participation in a controversial investment pact with China before the end of the year. Italian Prime Minister Giorgia Meloni reassured US House Speaker Kevin McCarthy that the nation is favouring an exit from the deal that has helped boost China’s infrastructure plans. Elsewhere, Oil fell 1.56% while Gold closed lower by 0.20%.
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