A number of stocks fell in the afternoon session after Iran's missile attack on commercial tankers near the Strait of Hormuz pushed oil prices higher and revived inflation fears, a double blow for the industrial sector squeezed simultaneously by rising fuel costs and rising borrowing costs.
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POWL's utility, industrial growth and strong backlog support momentum, while higher costs and tariffs remain key concerns.
A number of stocks fell in the afternoon session after the CPI report showed 4.2% annual inflation, the highest in three years, with markets fully pricing a December Fed rate hike.
A number of stocks fell in the afternoon session after April CPI hit 3.8% and Brent oil climbed to ~$107 confirming through the consumer data what manufacturers already reported through the ISM survey.