The Consumer Price Index (CPI) report came in hotter than expected, with inflation rising 8.3% in August. This could prompt the Fed to continue its rate hikes, with several analysts now expecting a 100-basis point hike next week.
Social media companies have been struggling as advertisers pared back spending amid the rate hikes and surging inflation. “If you want proof that companies are nervous about the economic outlook, just look at how media platforms and marketing agencies are bemoaning a tougher advertising market,” Russ Mould, AJ Bell investment director, said.
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