Morning Brief
Cooler CPI, caveats linger, tech rebounds on Micron
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Show notes
US stock futures pushed higher after November CPI landed below estimates, but traders are weighing a key asterisk: the government shutdown disrupted data collection, leaving the report tougher to trust. Markets are now watching whether the next inflation and jobs prints validate a real downshift and what that means for the Fed’s 2026 rate-cut path.
The bigger story for risk appetite is how quickly “rate relief” feeds back into growth expectations. Yields ticked lower, lifting tech and other rate-sensitive groups, even as economists warned this CPI could be skewed by Black Friday timing and missing October benchmarks.
AI infrastructure also snapped back into focus. Micron (MU) surged premarket on a standout outlook tied to data-center memory demand, a reminder that the AI trade is still being led by capex and supply constraints.
Trending tickers: Trump Media (DJT) popped on a fusion deal, BP (BP) named a new CEO, and Coinbase (COIN) pushed further into an “everything app” strategy.
Takeaways:
CPI surprised lower, but shutdown-driven data gaps limit confidence.
Markets leaned risk-on as yields eased and cut expectations firmed.
AI capex remained the dominant tech driver via Micron’s outlook.
Activism and leadership change stayed in focus across consumer and energy.
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