Wholesale inventories are a key economic indicator, reflecting the stock of unsold goods held by wholesalers. A rise in inventories can indicate either an anticipation of increased demand or an accumulation due to decreased sales. Given that the increase matched expectations and represents a rebound from the previous month's decline, it suggests a balanced and potentially growing demand for goods. This can be seen as a positive signal for the broader economy, which in turn could positively influence the performance of broad market ETFs like SPY in the short term.