The SPDR S&P 500 ETF Trust (NYSE:SPY) recovered nearly all of its early week losses on Thursday and Friday as investors digested more troubling inflation data and the first batch of second-quarter earnings reports.
On Wednesday, the U.S. Labor Department reported the consumer price index increased by 9.1% in June, the largest inflation reading since November 1981. The bond market is now pricing in a more than 40% chance the Federal Reserve will raise interest rates by 1% at its July meeting.
