Traders get no reprieve from volatility as CPI sends U.S. stocks on wild ride

, as a higher-than-expected U.S. inflation report sent the S&P 500 to its lowest point since November 2020 early in the session only to see stocks rip higher by mid-day, a swing of over 5 percentage points in total. The index was up 2.5% in afternoon trading.

Others believe investors may have taken heart from evidence that inflation may have peaked – a narrative that has burned market participants this year, as consumer prices have stayed high despite a barrage of Fed hikes. Indeed, despite the S&P 500′s wild ride on Thursday, the most recent inflation data does little to help the case for battered stock market bulls.

Still, some investors have been looking past the short-term gloom, citing discounted valuations on U.S. stocks as one reason for cautious optimism.

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