Stocks rebound as consumer sentiment, U.S. new home sales data rise

Yahoo Finance Live's Jared Blikre examines afternoon market trends as well as recent economic data.

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[AUDIO LOGO]

DAVE BRIGGS: Let's get more now with Jared Blikre. We're taking a deeper dive inside the action for the week, my friend. Hello.

JARED BLIKRE: Yes.

DAVE BRIGGS: Nice jacket, brother.

JARED BLIKRE: Hey, I appreciate that. I really do. I get to wear this, as I joke, twice per year. Valentine's Day, two months, coming up as well. Hey, can't beat that.

DAVE BRIGGS: Sharp.

JARED BLIKRE: Thank you. We got some econ data today, kind of a data dump. And I want to go over this. First, as Dave said, we got all the majors in the green, although only slightly.

Here is the E-mini S&P 500 futures, the futures so that we can see what happened at 8:30 AM. If this looks like a bunch of sideways action to you with not really much going on, that's because that's exactly what's going on. Half a percent, not that much action nowadays.

Nevertheless, we've got a spike around some inflation data we got. That's a PCE deflator along with the core number. Now, these are the Fed's favored inflation numbers, although they don't always move the market.

Now, so headline inflation remained the same at 5.5%. When you take out food and energy, that bumped up to 4.7%. That's the number you're seeing on your screen. And because I came a little bit out of consensus, we did see some price gyrations there.

Then at 10:00 AM, we got some more data on the inflation front. First, University of Michigan, some consumer sentiment, that tracks consumer sentiment. That has its own inflation expectations built in, which came down. So you can see the headline number beating expectations, 59.7. And then the other numbers you want to go on-- to come in on the downside.

One-year inflation, that ticked down to 4.4%, five to 10-year inflation 2.9%. We also got some home figures out at 10:00 AM. I don't think these moved the market much, but nice to see 640,000 new homes there, as you see on your screen. That's up 5.8% for the month. And that's in an environment, Dave, we've been talking about, just brutal, brutal for the housing market this year, but not today.