CPI data getting better but Are markets looking at some other indicator for future pricing?

From the last 2 months, the CPI (including the core CPI) has improved but markets are going down now. A 2% Inflation target for FED for 2023 seems achievable but the market now appears to be looking at other news.

Are Markets looking for another reason/another indicator?

1) Looking at Unemployment numbers/projections – These were a bit bad

2) Looking at projected growth/earnings

3) Looking at some other indicators?