CPI report dominated by energy: headline month-over-month up 0.2% (0.1% less than expected), year-over-year 2.4% (0.3% lower than last month). Core in line. Energy down 1.5%, gasoline down 3.2%. Shelter up slightly at 0.2%. Transportation services up 1.4%.

Market futures turned from down 0.3% to up 0.125% on softer inflation numbers. OPEC+ expected to raise output in April.

The 10-year yield has come down, now at 4.09%. The software sector is under a severe sell-off (Microsoft, Palantir).

Macro perspective is positive: ending week with 4.3% unemployment and 2.4% headline inflation. Retail sales were an outlier, possibly weather-related.

Going into long weekend with VIX elevated and key software sector under sell-off. Next week has durable goods, GDP, personal income data.