stocks skyrocketed early thursday after the latest inflation reading revealed the federal reserve’s battle to bring down prices is finally bearing fruit though experts say it’s merely the first step in the fed’s lengthy odyssey to tame inflation the dow jones industrial average jumped 267 or 880 points while the sp 500 climbed 43 and the techheavy nasdaq soared 58 that surge follows the labor department’s release of last month’s consumer price index data revealing prices rose 77 on an annual basis below economist estimates and the smallest 12month increase since january that’s apparent evidence that the fed’s relentless interest rate hikes are effectively slowing the us’ worst bout of inflation in four decades the strong cpi report proved a strong “first mile” in the fed’s “marathon” against inflation rick rieder blackrock’s chief investment officer for global fixed income wrote in a thursday note cautioning “today’s data is far from the finish line for the fed and it will be a true marathon to see inflation closer to target” the bond market also rallied with 10year us treasury yields falling 29 basis points to 386 its lowest level in a month technology giants drove with apple amazon alphabet meta and microsoft each spiking 6 or more john lynch comerica wealth management’ chief investment officer threw cold water on thursday’s stock rally proclaiming it “yet another triumph of hope over reality” lynch cited the “prolonged battle against inflation” ahead with stillelevated housing and energy costs and sticky wages massive market movement typically follows cpi releases with the dow suffering its worst daily performance of 2022 after september’s reading falling 4 and gaining 3 following last month’s reading the fed has raised the federal funds rate by 75 basis points at its last four meetings but investors are hopeful the fed will embrace a less hawkish monetary policy as soon as next month there’s an 81 chance the next rate hike will be only 50 basis points according to cme group’s closelywatched fedwatch tool nasdaq’s 58 gain is its largest daily climb since april 2020 cryptocurrencies also rallied thursday with bitcoin gaining 6 paring some of this week’s massive losses following the collapse of crypto exchange ftx bitcoin is still down more than 15 since sunday inflation climbed 77 in october slowest pace since january but high food rent prices remain problematic forbesftk