Stock Market Update

Total CPI was up 0.2% month-over-month (Briefing.com consensus 0.3%) following a 0.1% decline in March. Core CPI, which excludes food and energy, was also up 0.2% month-over-month (Briefing.com consensus 0.3%) following a 0.1% increase in March.

On a year-over-year basis, total CPI was up 2.3%, versus 2.4% in March. That is the smallest 12-month increase since February 2021. Core CPI was up 2.8% year-over-year, unchanged from March.

The key takeaway from the report is the absence of any tariff shock in the headlines. Consumer prices, overall, were held in check, for the most part, including food and gasoline.

Equity futures responded favorably. The S&P 500 futures are up six points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 62 points and are trading 0.2% above fair value, and the Dow Jones Industrial Average futures are down 162 points and are trading 0.3% below fair value.