Major averages finished roughly flat to mildly higher yesterday on lower volume. Meanwhile, the VIX has moved higher probably due to nervousness ahead of Trump's Friday inauguration.
Three of the names on our Focus List are steels. The group had strong day due to Wilbur Ross at his confirmation hearing who said the US needs to increase tariff focus on Steel & Aluminum dumping.
Fed Chair Yellen spoke at 3:00 pm ET yesterday. She reminded markets that interest rates will creep higher and provided some reassurance on the improving economy that helped markets finish higher overall.
Today's economic data on stronger than expected Industrial Production and weaker than expected NAHB Housing Market Index data with the highest year-over-year increase in the Consumer Price Index (+2.1%) since June 2014 does not alter the view that the Fed will continue to abide by its projection for three rate hikes in 2017.
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