Stocks rose in overnight trading while Treasury yields were flat in overnight trading as investors were eagerly hoping for a massive increase in the Consumer Price Index to validate their inflationary view. After a brief dip after the opening bell, stocks headed higher, and Treasury yields lower.
The Consumer Price Index rose +0.4% in August and +1.3% from this time last year. Excluding food and energy, Core CPI rose +0.4% in August and +1.7% from this time last year. Real, or inflation-adjusted earnings, rose +0.3% in August.
Stocks were mixed with the S&P 500 closing flat on the day, the DJIA closing up on the day, and the Nasdaq-100 closing down on the day. Treasury yields and the dollar closed slightly lower on the day.