The U.S. Federal Reserve recently raised its target Fed funds rate by 0.75% for the fourth time in five months as it attempts to get inflation under control.
Given that tech stocks were the hardest hit in the current bear market, it is no wonder they led the recovery on Thursday. One economist, at least, is not happy about investors flocking to tech stocks in droves.
As the euphoria over tamer-than-expected inflation settles down, a component of inflation raises hope that a sustainable downtick could be well on its way, according to CNBC's Mad Money host Jim Cramer.
Trading in the U.S. index futures points to the buying momentum extending into the final session of the week. The market may turn to the University Of Michigan's consumer sentiment report for trading cues, although profit-taking could take some sheen off the rally.
Nobel laureate and noted economist Paul Krugman has expressed optimism over the latest inflation report, saying that a soft landing looks increasingly plausible.