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Santoli’s Thursday market notes: S&P 500 makes ambivalent breakout to a new high amid blazing inflation

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Traders on the floor of the New York Stock Exchange.
Source: NYSE

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • As happens with so many intensely anticipated and over-analyzed data releases and news announcements, what the market most wanted from the consumer price index report was for it to be over. A hotter inflation number than anticipated, which the market was not obviously repricing for in recent weeks, yet the S&P 500 released higher and bonds even rallied slightly.

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