Stocks are rebounding this afternoon, even though this morning’s inflation report came in a little hotter than expected.

The index for shelter is once again the largest factor in the monthly increase for core CPI.

It must be noted that the so-called super core (core service ex-housing) came in sizzling at 6.9%.

These results don’t seem to be enough of a reason to know the Fed’s rate course.  The May rate cut probability is now 16% from 52% a month ago.

The Technology sector is the best performer today thanks to gains in Nvidia (NVDA) and Microsoft (MSFT). Oracle (ORCL) post-earnings positive reaction is also contributing to the sector’s performance.