Market scorecard
Yesterday was a rather uneventful day for markets, as all three indices we track moved less than 0.5%. In the US, PPI came in at 0.2% month on month, which means production prices increased at half the speed Wall Street was expecting. Generally, low production costs leads to lower consumer prices in the coming months, so that's positive.
In company news, Eli Lilly (NYSE:LLY) fell 6.6% after they released Q4 guidance below market expectations. Analysts were expecting revenue of $13.95 billion, but the company thinks it will only achieve $13.5 billion, which is still 45% higher than last year. If a company has high expectations, even a small miss can spook traders. It is worth noting that the long-term growth forecasts are still on track. In the short term, supply chain and production delays have lead and lag impacts that are quite unpredictable.
In summary, the JSE All-share closed up 0.10%, the S&P 500 rose 0.11%, and the Nasdaq ended 0.23% lower.