S&P 500 futures were down nearly 60 points at 8:30 a.m. ET as producer price index data was hotter than expected. But futures quickly fell to their lowest levels as investors mulled it over and realized that, although the 7.4% year-over-year gain, was slightly higher than the 7.2% expected. , but it is still trending in the right direction, which is down. It hit a high of 11.66% in March and was 8.1% in October. Will the data point suddenly send the Federal Reserve up 75 basis points next week, compared with a 50 basis point gain. Basic expected? (1 basis point equals 0.01%.) “I don’t think this has any effect on what the Fed is going to do” next week, Megan Greene, chief economist at the Kroll Institute, said on the show. on CNBC’s “Squawk Box” Friday morning. “I think the highest inflation is probably behind us.” The dollar, which had been in a notable downtrend last month, initially appreciated, then fell back. Yields on two-year and 10-year Treasuries are up slightly but at a high level. Apocalypse with no income in 2023? That appears to be the theme from a Bloomberg survey of 134 fund managers. General managers expect earnings to grow by an average of 10% next year (71% expect earnings to increase). That’s much higher than the analyst consensus for a gain of around 5%. Most traders seem to expect earnings at best to be flat. Many strategists are much more negative. Blackrock, in a pessimistic outlook for 2023, said “We see that earnings expectations are not priced in even in a mild recession.” Overnight income is decent. Broadcom beat margins above and below thanks to strong demand. DocuSign performed well and RH did well, though CEO Gary Friedman was somewhat optimistic, saying, “We expect our business trends to continue to deteriorate due to the housing market. weakening over the next few quarters…”