U.S. equities are shrugging off inflation headwinds
U.S. equities are shrugging off inflation headwinds as the shock from hourly earnings and CPI has evidently worn off and PPI gains are just not as feared. A surge in the Philly Fed index, dive in Empire and uptick in claims rounded out the first salvo of economic fare, but Wall Street remained unperturbed by earlier trend highs on global yields, at least for now. The Dow is 223-points firmer, S&P gained 17-points and NASDAQ is up 43-points higher before the opening bell. This followed healthy gains in Asia and Europe, with Japan's Nikkei 1.4% firmer, while the Euro Stoxx 50 is +0.8% and French CAC +1.4%. Cisco surged 8% after an earnings beat, while TripAdvisor jumped 18% on solid report as well. Apple forged higher after Berkshire raised its stake in the company.