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Today in the Market (1/12/2023)

Good Evening! Investors analyzed new inflation data that showed prices climbed at a slower annual pace in December, a result that was consistent with experts’ predictions.

The S&P 500 increased by 0.34%, while both the Dow Jones & Nasdaq Composite gained 0.64%.

A SNEAK PEAK

American Airlines Group Inc. (AAL) upped its revenue projection for the most recent quarter as demand for air travel remained robust during the Holiday season, despite higher prices. The guidance update provides one of the first insights into how a major US airline performed during a key Holiday travel season that saw thousands of flights delayed due to winter storms.

Let’s see those numbers!

  • Revenue: 16% – 17% vs. 11% to 13% expected
  • Revenue per available seat mile: 24% higher than in 2019 
  • Earnings per share: $1.12 to $1.17 vs. $0.50 to $0.70 expected

It hasn’t been that pretty, however… In recent weeks, US airlines have seen a slew of problems. Last month, winter storms caused hundreds of cancellations, and problems with Southwest’s crew-scheduling system caused thousands more. The Federal Aviation Administration issued a nearly two-hour worldwide “ground stop” on Wednesday, halting U.S. departures owing to a problem with a federal pilot-alert system.

SAY GOODBYE TO EGGS

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Although general inflation is decreasing, the costs of particular food goods are unlikely to fall anytime soon. And the causes are mainly beyond the control of the Federal Reserve. As an example… A dozen large eggs cost $4.25 on average in December, up from $1.79 a year earlier.

According to the most current official statistics, the price of eggs increased by 59.9% year over year in December, up from 49% in November. That means the average price of a carton of Grade A large eggs has more than doubled…

The primary cause of the price hike is avian flu, which has resulted in the killing of millions of hens and a scarcity of eggs. In contrast to past illness epidemics that receded as summer ended, the avian flu has persisted into winter this time.

What can we anticipate in the future? If feed prices continue to rise and bird flu continues to kill large numbers of hens, the increased costs will almost certainly be passed on to consumers, according to Curt Covington, senior director of partner relations at AgAmerica Lending.

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