Stock market news today: S&P 500 notches 3rd win after inflation data – Markets Insider

US stocks ended Thursday’s volatile session higher as overall cooling in consumer price inflation prompted investors to bolster bets the Federal Reserve will issue smaller rate hikes in 2023. 
Wall Street’s major indexes swung between gains and losses, but the S&P 500 and the Nasdaq Composite emerged with their third and fifth consecutive wins, respectively. The Nasdaq Composite closed above 11,000 for the first time in four weeks. The energy group on the S&P 500 topped advancing sectors, with oil prices rising on the back of a falling dollar after the release of the final CPI report for 2022. 
Here’s where US indexes stood at the 4:00 p.m. closing bell on Thursday: 
Expectations the Fed will downsize its February 1 interest rate increase to 25 basis points soared. Those moves arrived after the Bureau of Labor Statistics said December headline inflation fell 0.1% month over month and the year-over-year rate of 6.5% was down from 7.1% in November. 
But there’s also some stickiness at the core level. The core index excluding energy and food prices rose 0.3%, higher than 0.2% in November. The BLS said shelter costs were the “dominant factor” in the monthly increase in the core index. 
“But bottom line, the weakening trend of inflation should convince the Fed to further downshift the pace of rate hikes in the upcoming meeting,” Barry Gilbert, asset allocation strategist at LPL Financial, in a note. 
“The labor market must significantly cool before the Fed could appease markets by cutting rates the latter half of this year. Our base case is the economy will slow enough for the Fed to consider cutting rates sometime in the second half of this year,” Gilbert wrote.
Here’s what else is happening today:
In commodities, bonds, and crypto:
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