Stocks close higher, Nasdaq clinches fifth day of gains after CPI report shows cooling inflation

2023 is just kicking off, but some restaurant stocks have already posted double-digit year to date increases.

Shake Shack shares have risen the most among the group of stocks, with shares surging more 29% since the start of 2023 after falling about 42% in 2022.CPI shows shelter inflation still worrisome "In this single month-over-month report, there is almost no inflation outside of shelter," said Wilmington Trust chief economist Luke Tilley "Goods prices are collapsing mostly because of motor vehicles and computers and laptops and technology. Used vehicle prices are down 27.5% at annualized rate over the past three months, and they're likely to keep falling."

"I still think it's largely fine. I think numbers will continue to come down. The real question is where does it start to level out?" said Peters. "That's the piece of it that should be the point of focus. It's great that CPI mechanically is coming down, and there's some good news in the report. But that doesn't mean the Fed gets close enough to its target that they get comfortable.

They will either raise 25 or 50 basis points

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