Afternoon Note
The major indices are continuing the ascent higher as the Nasdaq 100 and S&P 500 hit new highs. All the S&P 500 sectors are higher this afternoon except for Health Care. Energy is the top performing section. Meanwhile, WTI is relatively flat at $77 after running up 6.3% last week.
Breadth is decidedly positive, especially on the NYSE where advancers led decliners almost 4.5-1. New highs are far outpacing new lows and the up volume is like a balloon.
Consumer inflation expectations for the year ahead came in at 3% (a 3-year low), while the 3-year expectation fell to 2.4% from 2.6%, and the 5-year inflation expectations came in unchanged at 2.5%.
Key Components:
Investors are now looking to the CPI report tomorrow, and many are expecting pricing pressures to have eased.
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