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Inflation expectations through the roof

On the macro front, the University of Michigan’s latest inflation survey showed consumers expect 1-year inflation to rise to 7.3%, up from 6.5%, the highest since the 1980s, while expectations for 5-10 years ticked up to 4.6%, a multi-decade high.

"It’s so high it doesn’t make sense," Louis Navellier, chief investment officer of money management firm Navellier said in a market note.

Responses showed staggering divergence in outlooks by political affiliations, with the Republican outlook for far tamer inflation. Traditional markets, consequently, shrugged off the data, with major U.S. stock indices climbing higher towards the latter hours of the session.

However, rising inflation expectations may have a second-order impact on markets by discouraging Fed policymakers from cutting rates in the next months.

"The concern here is that the Fed has expressed interest in consumer expectations on inflation, and with their concern about the potential of tariff-fueled inflation, it may give them further reason to pause," Navellier said.