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The really important data for the US stock markets today-check out the S+P 500 futures

Yesterday the S+P 500 joined the Nasdaq 100 in setting a modestly lower close. That said, the index did rebound from a session low at 5,091 to later close at 5,117, with a loss of just 5 points on the day. At the same time that lower close did endorse the technically weak close it set on Friday. However, since that close, the S+P 500 futures have been on the rebound and earlier today were pricing a reopening at above 5,140. The really important US data due out at 12.30pm GMT could dictate whether the gains in the futures are transposed into the opening, or not. That is the February Consumer Price index (CPI). It was the higher reading of this index in January which pushed the markets to abandon any notion of a Fed rate cut next week. So, this data today could either endorse that shift or even put it back on the table, but it will require a significantly lower set of readings today to deliver that. The forecast is for CPI to have remained unchanged on an annualised basis, at 3.1% in February, but the core rate is expected to drop back to 3.7% from 3.9%. The monthly non-core rate is forecast to rise by 0.4%, from 0.3%, with the core rate dropping to 0.3% from 0.4%. There will be more to add on this ahead of the release, but this data has the capability to shift the opening outlook in either direction for the S+P today. It is just now priced to reopen at 5,133

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