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S+P 500 futures gunning for good news from US CPI data today

Well, today is the biggest day of the week, when it comes to economic releases and that is because at 12.30pm GMT we get the release of the US April CPI report. The markets are expecting a pretty benign set of readings. The forecast on that is for consumer prices to have risen by 0.4% in April, matching the 0.4% rise seen in March. However, the core annualised rate is forecast to have dropped back slightly, from 3.8% to 3.6%. The PPI data yesterday did not suggest that might necessarily be the case though. Ahead of this, the S+P rose close to the current 2024 and all time record high yesterday. That remains in place at 5,264.85. Yesterday the index topped out at 5,250.37 and later closed at 5,246.68. So, as you can see, the index came close to setting fresh records and perhaps the only reason why it did not, is due to some trepidation over the CPI data today. In essence, it looks like anything on that core reading above 3.8% is going to be a negative for the index today, whereas anything below 3.6% should send the bulls looking for fresh records on the index later this afternoon. It is in the balance right now. The S+P 500 futures are currently pricing the reopening at 5,247

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