Inflation Concerns Return

Good morning. Following yesterday's strong performance which left many major market indices at record highs and in overbought territory, this morning's CPI came in hotter than anticipated prompting heightened concerns over inflation. As a result, premarket futures indicate we're likely to see significant sell pressure at the open.

Premarket trading shows that buy interest is significant in shares of JUPM, TXRH, TASR, FCEL, STTS, CROX, JADE, ERTS, ICE, HMIN, MLNX, CYTR, and JBLU. Sellers are concentrated in PCYC, HNAB, TSTC, PWAV, STEC, AAUK, ASML, ONSM, and DYAX.

The leading indicators report is due at 10:AM and the FOMC minutes will be out at 2:PM. It's clear from the premarket tone that traders are looking to take profits and reposition more defensively overall. Have a great day!