Analyzing the Impact of CPI Days on the Stock Market: A Comparative Examination of 2023 and 2022

CPI Day no longer triggers significant stock market fluctuations as it did in 2022. Last year, the release of monthly consumer-price index readings resulted in large swings for the S&P 500 and other major indexes. However, as CPI has been steadily decreasing, investors have become less affected by the data. In 2022, the S&P 500 experienced an average percentage change of 1.9% on CPI release days, with the median change being 1.7%. The largest increase was a 5.4% jump in November, while the biggest decline was a 4.3% drop in September. In contrast, the S&P 500 has shown much milder reactions to CPI reports in 2023, with an average change of 0.62% and a median change of 0.45%. The upcoming July CPI report is expected to show a year-over-year rise of 3.3%, with the core CPI rate slowing to 4.7