The S&P 500 Index ($SPX) (SPY) this morning is down -0.05%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -.27%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.04%.
Stock indexes this morning are fluctuating after the January core personal consumption expenditures was released. This is the Fed’s preferred inflation gauge and it reported that inflation rose 2.8% in January, right on expectations and the slowest pace of increase in 2-3/4 years. Also, other Fed-friendly reports today on weekly jobless claims, the Jan MNI Chicago PMI, and Jan pending homes sales knocked bond yields lower. Chip stocks are also rallying today after Citigroup said it was “wildly bullish” on the sector.
