By the closing bell, it was hard to find red on the screen as buying continued to broaden with a distinct focus on value.

As yesterday’s session moved along, the market picked up speed, and the biggest beneficiaries were sectors that reacted positively to the Consumer Price Index (CPI) surprises: Technology (XLK), Real Estate (XLRE) , and Financials (XLF).

Eclectic Leaderboard

It was an odd leadership board paced by companies that are not household names among investors. Several earnings-challenged names were among the biggest advancers, along with some short squeezes and the new semiconductor darling.  

Heat Map

The biggest boxes were mostly green, and even though there weren’t big gains, which was enough to lift the entire market.

Very Bullish Breadth

Market breadth was extremely bullish, especially the up volume to down volume on the NASDAQ Composite.

Market Breadth	NYSE	NASDAQ
Advancers	1,874	2,788
Decliners	938	1,489
New Highs	157	170
New Lows	14	77
Up Volume	3.76 billion	6.08 billion
Down Volume	985.78 million	1.18 billion

The NASDAQ closed at a new high on huge volume.

Now, it’s all about the Consumer Price Index (CPI) Report.

Today’s Session

CPI came in mostly as expected, but the headline month to month +0.3% was a tick below the consensus of +0.4%

The number is still far too high for Main Street but has Wall Street salivating over a rate cut in September. 

Retail Sales

Retail sales were unchanged last month, and the control group was -0.3%.  Gasoline stations saw a 3.1% increase.  Interestingly, the internet was down, and department stores were higher.

There were also declines in motor vehicles, furniture, health care, sporting goods, and general merchandise.

Empire State Fed Manufacturing Survey

The survey came in at -15.60 against consensus of -9.90.  The good news is prices came down. The not-so-good news is in employment.

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