Wall Street kicked off the new week on decent footing as stocks advanced higher. There are huge economic data releases this week starting with the Consumer Price Index this morning. The data should give Wall Street a sense of whether the disinflation trend is continuing or if inflation is stickier than initially thought. Estimates are calling for a 3.1% year-over-year increase in the gauge. The Fed's preferred inflation target is 2%.

Speaking of the Fed, tomorrow the Federal Open Market Committee will announce its interest rate decision. Markets are pricing in a nearly 0% chance the Fed hikes but what will likely move markets is Jerome Powell's press conference and the dot plots. Overall, they will continue to watch inflation trends and the labor market on whether higher for longer turns into cuts sometime near the halfway point of 2024.

Newton scores are starting to show rotation out of large-cap names for the first time in months. Value is also starting to see strength against growth. Beneath the surface, Real Estate and Technology are leading while Health Care and Energy are lagging.