The market is exhibiting mixed reactions ahead of the CPI number tomorrow and disappointing Producer Price Index numbers from this morning. Separately, we heard Powell speak, which called the PPI results “mixed” and reiterated his view that the next policy move is unlikely to be a rate hike.

• POWELL: DON'T THINK IT'S LIKELY THAT THE NEXT MOVE WOULD BE A RATE HIKE
• POWELL: PPI READING WAS ACTUALLY QUITE MIXED
• POWELL: ASKED IF INFLATION WILL PROVE MORE PERSISTENT, SAYS FED DOESN'T KNOW YET
• POWELL: RESTRICTIVE POLICY MAY TAKE LONGER THAN EXPECTED TO BRING INFLATION DOWN

The Retail ETF, XRT, is crushing it, filling the gap above $78 and reaching new year-to-date highs.

Five S&P 500 sectors are higher with Real Estate on track for the second day of big gains helped by calm yields.

So-called meme stocks continue to set the tone today with GameStop (GME) and AMC Entertainment surging again today, but way off the highs.