MGC dropping below 265 and what that means for rate hike expectations

Saw $MGC dip significantly today, now sitting at 265.41 after being up near 270 earlier. It's a pretty sharp move, and I'm curious how others are interpreting this in relation to the upcoming CPI data and the Fed's stance. Does this signal a stronger conviction in a rate hike, or are we just seeing some profit-taking ahead of the data? My current watchlist leans towards sectors less sensitive to rate hikes, but if this drop is truly forecasting something, I might need to reconsider some of those positions.