The S&P 500 futures are up 26 points and are trading 0.6% above fair value.
The Nasdaq 100 futures are up 86 points and are trading 0.8% above fair value.
The Dow Jones Industrial Average futures are up 186 points and are trading 0.6% above fair value.
The key takeaway from the CPI report, however, is that services inflation, which the Fed is keeping a close watch on, did not improve. On a year-over-year basis, services inflation was up 7.5% versus 7.2% in November. Excluding rent of shelter, services inflation increased 7.4% year-over-year versus 7.3% in November. Excluding medical care services, services inflation was up 8.0% year-over-year versus 7.6% in November.