By Dhirendra Tripathi

Investing.com — Shares rose Wednesday as inflation data that indicated prices had risen the most in over 40 years failed investors.

The market is already reflecting inflation expectations for the majority of the time. Given the December number, which was largely in line with forecasts, it is likely that the Federal Reserve will not act more aggressively.

Even though inflation slowed slightly from November when South African scientists revealed the Omicron version of Covid to the world, it has caused a record-breaking surge in cases worldwide, particularly in the U.S.

The Labor Department data showed that the Consumer Price Index increased by 0.5% after increasing 0.8% in November.

Peter Cardillo (chief market economist, Spartan Capital Securities), stated that he doesn’t believe this will disturb the markets as higher inflation is expected.

Nasdaq was especially strong with a 0.4% increase, and the and rose respectively 3%, 1% and 1%.

The official start of earnings season is Thursday. Many big banks will be reporting their results Friday. Three things could impact the markets tomorrow.

1. Earnings at TSMC

Taiwan Semiconductor Manufacturing will announce its fourth quarter numbers on Thursday. According to analysts following Investing.com, the chipmaker will report a profit per shared of $1.12 on revenues of $15.65 trillion. The chipmaker will likely report a profit per share of $1.12 on revenue of $15.65 billion. This is after last year’s global shortage that hampered manufacturing.

2. Delta profits

The fourth quarter revenue for Delta Air Lines Inc. (NYSE:), was $8.85 Billion and the profit per share at 11 Cents. Analysts will be listening to hear the company’s outlook for travel amid a surge in coronavirus cases that has put a damper on the reopening. Some flights have been canceled due to weather issues in the past few weeks.

3. Inflation among producers

According to analysts tracked by Investing.com, the wholesale price inflation rose 0.4% month-on-month in December. According to Investing.com analysts, it had risen 0.8% by November. Data will be available at 8:30 ET.

–This report was co-authored by Reuters and staff at Investing.com