The shelter index saw prices increase 4.6% compared to the year prior, the lowest level since January 2022. While the index still remains elevated, one of the sticker parts of the inflation story over the past several years continues to show the progress Federal Reserve chair Jerome Powell has discussed in recent press conferences.

US stocks jumped at the open after consumer price data showed inflation continues to slow. Strong bank earnings also helped lift sentiment.

The 10-year Treasury yield ( ^TNX) dropped over 12 basis points to trade around 4.66% after the cooler-than-expected reading. It had been up at its highest level in more than a year, serving as a headwind for stocks.