Evening Market Recap - Wednesday, 12-Feb

US equities were mostly lower in Wednesday trading, though stocks ended just a bit off best levels, with the Dow Jones and S&P500 down 50bps and 27bps while the Nasdaq finished up 3bps. Today's hotter January CPI print and repricing for more hawkish Fed rate cutting path were the biggest pieces of today's downside, while broader Trump 2.0 uncertainty also remains a key overhang. January core CPI rose 0.4% m/m, hottest print since Apr 2023, and headline jumped 0.5% m/m. Powell noted today's CPI report shows Fed has more work to do on inflation.