The monthly CPI Report came inline with estimates while the Core CPI was a tick higher than expected. This sent stocks higher initially but they quickly erased all of those gains before the relentless dipped buyers showed up again.
Bond yields are up on the data, but nothing that is concerning the stock market. Oil is up, gold, silver, and bitcoin are down as the dollar as the dollar was also up on the slightly stronger than expected CPI.
Both the 10-year yield and the dollar moved back above some key moving averages on the news, although the dollar is well off its initial high and trying to fill the opening gap already.
So far it looks like just another bounce off the 20-day EMA on the S&P 500, and the most recent pullbacks haven't even hit the average before the dip buyers showed up.
Oh, and the demise of Nvidia has been greatly exaggerated. It's up 5% this morning after a 2-day pullback.
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