Inflation continues to rise in the latest federal report. And Netflix has a new partner for advertising. Inflation accelerated more than expected in June – surging 9.1% to yet another new 40-year high.
The Dow fell 208, or .67%, to close at 30,772
The S&P lost half a percent, or 17 points.
The Nasdaq also fell 17.
Back to the Consumer Price Index, shoppers paid sharply higher prices for a bunch of things, especially gasoline, up 60% over 12-months. Year over year, energy prices jumped 41%, food up 10%, shelter went up 5.6%. These numbers show inflation might not have peaked just yet.
And these numbers may lead The Federal Reserve, many say, to hike rates this month by a historic *one full percentage point. Fed officials now say “everything is in play”. 75 basis points was already the anticipated move later this month now some say the Fed could go to 100 points to aggressively attack inflation.
Netflix is jumping into advertising, and is taking Microsoft along for the ride. Netflix has struggled to retain and add subscribers. Now, it’ll partner with Microsoft to roll out an ad-supported tier after years of resisting the move.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.