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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.
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.
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