Stock Market Update

The S&P 500 futures are up 62 points and are trading 1.2% above fair value, the Nasdaq 100 futures are up 308 points and are trading 1.6% above fair value, and the Dow Jones Industrial Average futures are up 306 points and are trading 0.7% above fair value.

Total CPI was up 0.2% month-over-month in February (Briefing.com consensus 0.3%) following a 0.5% increase in January. Core CPI, which excludes food and energy, was also up 0.2% month-over-month (Briefing.com consensus 0.3%) following a 0.4% increase in January.

On a year-over-year basis, total CPI was up 2.8%, versus 3.0% in January, and core CPI was up 3.1%, versus 3.2% in January.

The key takeaway from the report is that inflation overall is still sticking comfortably above the Fed's 2.0% target, and now with tariff actions ramping up -- and "reciprocal tariffs" coming April 2 -- confidence has been shaken that future inflation reports will convey undeniably pleasing inflation data.