S&P 500 Gains Ground Ahead Of CPI Data

At the beginning of the week, stocks rise

As traders got ready for tomorrow's CPI report, the S&P 500 crept closer to the 3960 mark. The tech-heavy NASDAQ Composite was up by 0.35% in the meanwhile.

Energy stock rebounds are the main factor today. WTI oil was able to surpass the $73 mark as markets concentrated on the Keystone pipeline interruption. In today's trading, APA Corporation, EQT Corporation, and Schlumberger are all up 3–4%.

Even while Treasury yields have increased, tech stocks are also increasing. Although Microsoft is up approximately 2% today, the recovery in tech equities is mainly among the companies with smaller market capitalization.

As traders continue to be concerned about declining demand for the company's products, Tesla is among the worst losers today. Currently, Tesla stock is attempting to hit the $166 level, which marks the yearly lows.

The fact that the CPI report is being issued tomorrow before the Fed Interest Rate Decision suggests that it will have a significant effect on the market. Analysts anticipate that November's inflation rate will drop from 7.7% in October to 7.3%. Data on inflation will have a significant impact on the market, and traders should be ready for quick changes.