PPI came in at 0.4% MoM versus 0.3% consensus, confirming yesterday’s hotter than expected inflation outlook.

Futures initially dipped, though not as much as yesterday. But, like yesterday, VIX was quickly hammered back down to recent lows, reviving equities before the opening bell.

continued for members…It’s also noteworthy that both ES and SPX have both held their SMA50. VX’s initial reaction was completely undone, registering a lower low overnight – as though a higher inflation print along with inflation inducing tariffs was irrelevant.
Oil and gas are both continuing to slip… …taking some pressure off the 10Y.