Equities rallied for a third day on Wednesday as fears of the Omicron variant wane. Pfizer reported that three doses of its vaccine were enough to neutralize the virus and that was enough to neutralize the fear as well. The S&P 500 crept up about 0.25% by the end of the day, not enough to set a new all-time high but very very close.

On the economic front, the JOLTs report showed a surprising increase in job openings. The number of job opening moved up to 11 million and just short of a new record despite and expectation for a flat reading. Later in the week the CPI data is released and it may be the biggest news of the week. Inflation is expected to run hot again and will more than likely up the stakes in terms of when the first FOMC rate hike will come.