Investors awaited the latest consumer price index reading.
Investors were largely positioning ahead of the consumer price index reading for January set to be released at 8:30 a.m. ET Tuesday. The CPI is gauge of inflation that tracks changes in prices across a broad basket of items.from December, and they predict the index climbed 6.2% compared to the prior year. Core CPI, which excludes food and energy, is expected to rise 0.3% from the prior month and 5.5% compared with the same month a year ago.
"All eyes are laser-focused on Tuesday's CPI report to gauge the market's likely flight course for the balance of Q1 and beyond," said Greg Bassuk, CEO at AXS Investments.. It was a welcome decrease for investors looking for signs that inflation was starting to cool, hoping it could help persuade the Federal Reserve to consider pausing its interest rate hikes.
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