The Dow Jones Industrial Average ended the day in the green thanks to strong performance in Dow Inc and Caterpillar.
“Best we can tell supply concerns are a major issue for investors and inflation / inflation expectations are becoming a headwind,” he wrote in an email.
Other companies, such as Clorox, have said in recent earnings reports that the prices they pay for the materials used to make their products are rising and could ultimately be passed on to customers.
The move in equities followed solid gains for the Dow on Monday as investors piled into shares that would benefit the most from an economic reopening.