Stock Market Update

[BRIEFING.COM] The major indices pulled back from session highs, but still sports solid gains.

Real estate stocks are outperforming the broader equity market following the better-than-expected December CPI report, which fueled hopes that the Federal Reserve will be more accommodative to the market and announce more rate cuts.

The real estate sector is also reacting to the sharp drop in Treasury yields following the CPI report, which should translate into lower mortgage rates and higher demand in the housing market. Zillow (ZG 72.41, +3.49, +5.1%), Redfin (RDFN 7.76, +0.39, +5.4%), Rocket Companies (RKT 11.50, +0.42, +3.8%), and RE/MAX (RMAX 10.07, +0.82, +8.9%) are standouts in that respect.