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Markets Bounce Sharply on Positive CPI Inflation Data

by | Jun 12, 2024

Markets are ripping this morning on the heels of the latest Consumer Price Index inflation report, which came in under expectations. 

CPI year over year came in at 3.3% versus expectations of 3.4%. Core CPI — excluding more volatile food and energy prices — came in at 3.4% year over year versus expectations of 3.5% and a previous reading of 3.6%. 

This points to the Federal Reserve finally making progress on the inflation front, and stocks are trading sharply higher. 

While this is good news, it doesn’t guarantee that we’ll get an interest rate cut anytime soon. 

U.S. rate futures now imply about a 70% chance for a rate cut by September — I wouldn’t get my hopes up just yet… I see that as more of a 10% chance, but not impossible.

Dow futures jumped nearly 300 points on the news while the S&P 500 rallied 0.8%, and the Nasdaq 1.1%…

We still have a lot of info coming today when the FOMC announces its rate decision, which will not include a cut, but the comments from Chair Jerome Powell could move markets. 

I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!

Roger Scott
Roger Scott Trading

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

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I’ll be live at 1 p.m. ET today, June 12, to cover my method, and I’ll even share my No. 1 stock that just tanked… and could be primed for a rebound. 

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WRITTEN BY<br>Roger Scott

Roger Scott

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