Stock market news today: Sticky inflation sends stocks scrambling

"The good news on the CPI print is that inflation continued to ease as the year-over-year inflation rate has dropped for 7 straight months," said Eric Sterner, chief investment officer at Apollon Wealth Management, wrote in a note.

"The bad news is inflation is still very elevated compared to normal levels. The Fed will need to remain hawkish and raise rates most likely at least two more times," he said."The journey to get to normal inflation rates will be a bumpy ride as energy and commodity prices should rebound with China dropping its zero COVID policies."

Investors have largely been cutting down their expectations for the Fed to begin cutting rates later this year. A ninth straight rate hike is likely to arrive in March. Investors aren't convinced that the stock market rally can last,

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