At-a-Glance
Today’s Top Highlights
Markets across the board saw a mix in price action as traders weighed the hot inflation data against explosive growth in the AI sector. While Dow and Nasdaq-100 futures initially dipped due to the inflation jitters, losses were partially offset by a massive rally in technology hardware and semiconductor stocks. Consequently, the S&P 500 futures remained relatively flat with a slight 0.07% gain, reflecting a tug-of-war between macro-economic pressure from high energy costs and the secular bull case for artificial intelligence infrastructure.
Crude Oil volatility remained today with prices selling off by over 2% after seeing strong selling pressure earlier in the week, but traders will be looking for more information about de-escalation in the Middle East moving forward. Looking at the economic data today, CPI was slightly worse than expected but did not add the volatility the markets have seen throughout the week. The FedWatch Tool is still pricing in a pause on rates for the remainder of the year, but we have seen these figures moving as of late and that can be expected as more data comes out regarding jobs and inflation.
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