Midday market 11/15: PPI confirms cooling inflation at the producer level

Market continues rally from last week with SPY trading right above key resistance at 400. Tech sector and small caps receive most inflows in the morning with both NASDAQ and Russell 2000 rallying over 2%.

Investor sentiment improvement largely from morning PPI data. Accordingly, producer inflation index only up +8.0% YoY, below +8.3% forecast with core PPI at just +6.7%, significantly below 7.2% forecast.