I'm Julia Borsden, and you're listening to CNBC's Tech Check.

Our show is live weekdays at 11 a.m. Eastern, listen in.

Good Thursday morning. Welcome to Tech Check. I'm Carl Kintania with Deirdre Bosa and John Ford.

Today, CPI, obviously sending the market surging. That cooler than expected data,

giving a big boost to growth stocks.

The NASDAX having its best day since April of 2020. The WCLD Cloud Computing ETF on pace

for its best day ever. Big Tech gets a boost as well. Apple, Alphabet, Microsoft, all surging

along with Amazon, which is up more than 13%. It is important to keep that all in perspective, though.

We're going to break out some individual names in just a moment.

But if we zoom out, the WCLD and First Trust Internet ETF flat over the last month,

chips and software with a bit more of a sustained rally.

Pretty remarkable.

The words baby steps, John, have been used in the Fed's long-term goal of getting us back to two. Yeah, so much guessing on what the Fed actually

wants and is trying to do happening here. And it's important, I think, for us to stay, again,

focused on the context.

We gave viewers just a little bit of it right there. Amazon is up, I think, around 13% right now,

9% for the week. But look at what these individual stocks and what some of these areas have done,

not only over the past day or week, but over the past month, over the past

quarter, what were earnings like? And now I think the next catalyst, perhaps, is how the holiday

season starts. We're just a couple of weeks away from Thanksgiving, from Black Friday,

from Cyber Monday, and there's the expectation that consumer spending isn't necessarily going to be what it's been in past years.

That has all kinds of impacts, not just on, hey, what's the Fed going to do?

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