The Vanguard S&P 500 ETF (VOO) closed at $535.26 on January 14, 2025, up 0.13% as the S&P 500 index rose 0.11% to 5,842.91, buoyed by cautious optimism ahead of key economic data releases. Investors are closely watching the upcoming consumer price index (CPI) data, which is expected to provide insights into inflation trends. The S&P 500 managed to recover from its morning losses, trading above its 100-day moving average, as options traders brace for potentially significant market movements. The recent cooling of the producer price index (PPI) in December, driven by lower food costs and stable service prices, has eased some inflationary pressures, although mixed signals from PPI components that influence the Fed's preferred inflation measure, the personal consumption expenditures (PCE) gauge, have left the inflation outlook uncertain. Additionally, the broader market context includes a declining dollar, which has increased demand for dollar-denominated assets, while crude oil prices have fallen, possibly due to weakening demand or increased supply.