Daily Note | July 12, 2024 | Small Caps Rip, BANX NAV, Long Duration

Yesterday CPI, today PPI, or the producer price index. These are wholesale prices and printed slightly hotter than expected. The markets are largely ignoring these numbers as they tend to be far more volatile than the CPI report yesterday which came in much cooler.

On a weekly basis, the S&P 500 is up 0.9%, notching another record close on Wednesday. The…