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US Stocks Advance in Wake of Upbeat Inflation Data; Sierra CIO Remains Cautious Due to Strong Job Market

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U.S. stock indexes ended higher and recorded their fourth straight day of gains on Thursday, with the S&P 500 clearing the 4,500 mark for the first time since April 2022, led by technology stocks, after data showed June producer-price inflation fell further, bolstering the chances that the Federal Reserve is near the end of its campaign of interest-rate hikes.

However, James St. Aubin, chief investment officer at Sierra Mutual Funds, said if investors are being “myopic” about inflation and not considering the job market, they are “probably missing the Fed’s data-dependent spectrum.”

“They [the Fed] don’t feel like the inflation fire is going to be completely extinguished if the job market continues to be strong,” St. Aubin told MarketWatch on Wednesday. “In that regard, I think they’re going to be focused on [the Job Openings and Labor Turnover Survey] — so they’re going to see job openings come down significantly before they’re completely comfortable with standing down.”

The thoughts and opinions expressed in the article are solely those of the person speaking as of 7/13/2023, and not necessarily those of Sierra and are provided for informational purposes only. Any opinion or estimate contained in this article is made on a general basis and is not to be relied upon by the reader as advice. The reader must make his/her own assessment of the relevance, accuracy, and adequacy of the information contained in this article, and make such independent investigations as he/she may consider necessary or appropriate for the purpose of such assessment.

0214-SI00XLAP 07272023

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The Sierra Mutual Funds are managed by Ocean Park Asset Management, LLC, an affiliate of Sierra Investment Management, Inc.