All major indices are moving higher and holding solid gains with support from seven sectors, while Energy (XLE) is the underperformer. The major catalysts today are the better-than-expected November CPI report and the spectacular earnings report from Micron (MU).

Before midday, the market saw a touch of shakiness that saw five sectors move beneath their flatlines.

Utilities (XLU) are getting a boost after the PJM auction yesterday fetched another record power price.

The strong results from Micron (MU) are helping AI plays, which saw considerable weakness in the prior sessions. The PHLX Semiconductor Index is up 3.3%.

Following this morning’s inflation data, the Ten-Year Treasury Yield (TNX) is falling 3.1 basis points to 4.12%.

Economic Data

The Philadelphia Fed Manufacturing index fell 9 points to -10.2 in December, missing the forecast of 2.3. This came as future activity also declined 8 points to 41.6.

Notable Changes:

• New orders rose 14 points to 5
• Shipments increased 12 points to 3.2
• Employment improved 6.9 points to 12.9
• Prices paid fell 13 points to 43.6
• Prices received rose 7 points to 24.3