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- US equity markets trading uniformly higher in the close, but the price action was far from one-directional. Stock futures initially dipped on a higher-than-expected CPI print as markets priced in a trickier outlook for the Fed, but this swiftly reversed as re-opening sectors showed evidence that price rises were decelerating.
- With this supporting the Fed's theory that inflation is transitory, equities resumed their upward trajectory, resulting in the e-mini S&P hitting a new all-time high of 4249.00.
- Healthcare and consumer staples were the strongest sectors, while financials and industrials were the only sectors to reside lower. Notable stock movers included Biogen, who rallied sharply on positive drug news, while Electronic Arts slipped on news that hackers had obtained certain source codes for upcoming releases.
- The VIX saw some support following the CPI release, but swiftly reversed course into the close, trading well within range of post-pandemic lows.