What did US CPI February 2026 show?

It printed 0.3% month over month and 2.4% year over year, in line with forecasts, while core CPI 0.2% suggested modest cooling. Markets saw it as progress but not a trigger for fast rate cuts. Equities and yields reacted cautiously as investors awaited more disinflation evidence.

How could tariffs affect inflation and stocks?

Tariff passthrough can raise import costs, lifting headline inflation and squeezing consumer budgets. If that pushes CPI toward 3%, margins in consumer sectors could tighten and small caps may lag. Markets would likely price fewer or later cuts, favoring quality balance sheets and cash-generative companies.

What does the print mean for the S&P 500 now?

The result keeps rate-cut hopes alive but tempers timing. For ^GSPC, resistance sits near 6,853 and 6,897, with support around 6,746. Momentum is soft with RSI at 42 and negative MACD. We view a sustained reclaim of the 50-day average as a better spot to add exposure.

How should Canadian investors position after this report?

Stay balanced. Keep core U.S. equity exposure, add selective Canadian energy as a hedge to oil risks, and use short-duration bonds while cuts remain uncertain. Consider partial USD hedging for U.S. holdings. Reassess if core inflation keeps easing or if tariffs and crude push headline higher.

Global Market Insights

^GSPC Today March 12: CPI Steady at 2.4% as Tariff, Oil Risks Loom

ByHuzaifa Zahoor March 12, 2026

US CPI February 2026 landed at 2.4% year over year and 0.3% month over month, with core CPI 0.2%, matching forecasts and easing fears of a re-acceleration. The headline helps, but it is not a clear signal for rapid rate cuts. The S&P 500 ^GSPC traded near 6,776, slightly lower on the day as investors weighed tariffs and energy risks. For Canadians, this print matters for the loonie, cross-border supply chains, and portfolio mix between U.S. growth and domestic energy. We break down market impact, risks, and next steps.