Markets rallied on the back of cooler inflation data released on Tuesday , with the S & P 500 and the Nasdaq reaching fresh 13-month highs. Now, investors may be wondering if there will be a correction or if it's too late to get in on the action. Andrew Slimmon of Morgan Stanley Investment Management says a "meaningful" correction may not happen right now. "People are still on the sidelines, kind of waiting for that elusive pullback to get more involved.
The consumer price index , which measures changes in a multitude of goods and services, rose just 0.1% for the month, bringing the annual level down to 4% from 4.9% in April. "But it's premature and the stock market is right now feeding off … those lower inflation month to month price," Slimmon added. Stock picks Nevertheless, there are pockets of opportunity in the market right now, according to Slimmon.
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