Stocks slide as CPI report tees up small Fed cut

With the indication of lower inflation rates and a predicted smaller rate cut by the Fed, stocks in the technology sector, particularly Nvidia, are likely to continue their upward momentum as investor confidence increases in the tech-driven market. Nvidia's CEO's optimistic stance on generative AI and its growth potential can further enhance its stock price in the coming days.

GameStop's disappointing earnings report and the announcement of issuing new shares may signal further decline in its stock, especially given analyst concerns about its business viability amid shifting market dynamics. The downward path seems likely, particularly as digital game sales continue to erode traditional retail revenue.

As the overall market appears to be recovering with a modest growth forecast and impending smaller Fed rate cuts, the SPDR S&P 500 ETF Trust should benefit from the positive market sentiment reflecting the broader tech rally.