U.S. stocks are drifting higher Monday and recovering some of their sharp losses from last week. The S&P 500 was up 0.3% in early trading after several weaker-than-expected economic reports last week sent it tumbling 1.

Another thing to look at is the chance of no cut at all this year has gone up dramatically. It's now sitting at about 23%. This is based on market trading. It was 11% a week ago, so more than doubled in the course of the week and the major catalyst for that is the CPI report.

Wall Street bounced higher from a dismal week as markets clawed back some of last week’s steep losses spurred by anxiety over President Donald Trump’s policies. Futures for the S&P