Stock bulls once again push the S&P 500 to a fresh record closing high while the Dow and Nasdaq are within striking distance of setting their own new records.
Stock bulls once again push the S&P 500 to a fresh record closing high while the Dow and Nasdaq are within striking distance of setting their own new records. The move higher comes despite a stronger-than-expected Consumer Price Index . February headline CPI rose to +3.2% year-over-year from +3.1% in January. Remember, the bulls are wanting to see this number come down not move higher. Bulls’ point The main culprit was gasoline prices which surged almost +4% last month.
Bears’ point Bears argue that February CPI indicates the slowdown in inflation is stalling out and supports the Fed’s decision to remain cautious on rate cuts. Longer-term, bears believe that a pause in the “disinflation” trend, coupled with tricky timing around the November election, will likely lead to fewer rate cuts than most on Wall Street are currently penciling. Data to watch The next key inflation read is the Producer Price Index on Thursday.
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