Wall Street Traders Hold Their Breath Before CPI: Markets Wrap
- Wholesale inflation surprisingly eases on drop in food prices
- Traders brace for S&P 500’s busiest CPI day since March 2023
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Stocks bounced around all day long, with traders unwilling to make any significant bets as they awaited key inflation data for clues on the path of Federal Reserve rates.
After several twists and turns in the run-up to the consumer price index, the S&P 500 finished 0.1% higher. While most of its shares advanced, big tech once again came under pressure. Options traders are bracing for the US equity benchmark’s busiest CPI day since March 2023. The index is expected to move 1% in either direction on Jan. 15, based on the cost of at-the-money puts and calls, according to Stuart Kaiser at Citigroup Inc.