Julie Hyman and Josh Lipton preview several of the top stories and economic data due out Wednesday, March 12.
President Trump's tariffs on steel and aluminum imports from Canada are scheduled to take effect tomorrow, as February's Consumer Price Index (CPI) reading will be released in the morning.
Creative suite app developer Adobe (ADBE) will be posting its fiscal first quarter results, too.
Lastly, weekly mortgage applications figures will also be reported.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
Time now for to watch Wednesday March 12th. I'm going to start off on the tariff run after President Trump said this morning he would be imposing a 50% tariff tomorrow on all steel and aluminum imports from Canada. Trump now saying he will back off that increase. After Canada suspended its 25% electricity surcharge to the U.S.
And sticking with the economy, key piece of economic data coming out tomorrow with CPI. That's the consumer price index. Economists forecast that inflation will cool in February with total CPI slowing to 0.3% on a month over month basis, and 2.9% year over year.
And taking a look at core CPI, those numbers also expected to slow with the year over year estimate ticking down to 3.2%, suggesting inflationary pressures are still present as the Fed prepares for its interest rate decision next week.
Now we've got earnings, too. Adobe announcing results for the first quarter after the closing bell, as is the trend with earnings this season. Analysts expect AI to be a focal point of that report. Investors hope the company's Firefly tool, which allows users to use generative AI across its suite of programs, will gain more traction.
And moving over to housing, we're going to be getting weekly mortgage application data in the morning. Applications were soaring in the last report to more than 20%. This coming against the backdrop of mortgage rates declining for four, seven weeks in a row.