Stocks Mixed as Inflation Slows, Fed Rate Outlook Debated
• Stocks waver after release of inflation data showing price gains retreating; market debates when Fed will cut rates
• Yields on government bonds pick up from late 2022 lows partly due to rise in Treasury term premia, seen as compensation for long-term risks
• Intel offers weak earnings guidance, stock down 11%; luxury stocks like Tapestry and Estee Lauder rally on upbeat LVMH comments
• Kansas City Fed survey shows services activity still contracting in January, but expectations higher
• Stock futures fall slightly after inflation data shows prices up 2.9% annually in December, slowing from prior months