1. Moving the market

Stocks stumbled out of the gate today after a much hotter-than-expected wholesale inflation report rattled traders and threatened the recent rally. The major indexes clawed their way back from early losses but by the closing bell were basically stuck at flat.

The initial slide came right after July’s Producer Price Index (PPI) showed wholesale prices jumping 0.9% for the month—way above the 0.2% economists had forecast, and the biggest monthly jump in three years.

That’s got Wall Street rethinking just how soon—and how much—the Fed might be able to cut rates. Even so, fed funds futures still show nearly 93% odds of a rate cut in September, just a shade lower than before.

Despite the inflation scare, traders rotated back into big tech. Names like Nvidia, Amazon, and Microsoft helped the market recover from its worst levels, with the Mag7 stocks doing the heavy lifting once again.

In the rest of the market, the dollar managed a bounce (though it still looks shaky after recent losses), gold slid below a key technical level, bond yields climbed, and Bitcoin came off last night’s record high but found solid footing around $118,000.

So, was today’s flat finish just a breather before the next big move—or are traders starting to question their conviction after these mixed inflation signals?

1. Moving the market

The post-CPI euphoria is still alive and well—stocks kept rallying to fresh all-time highs, led by the Dow while the Nasdaq lagged a bit behind. Tech didn’t sit out, though: AMD jumped more than 6% and Apple snuck in a 1% gain.

Today’s moves build on Tuesday’s record-setting session, which was supercharged by a cooler inflation report and sent rate-cut hopes through the roof. Traders are now basically convinced—pricing in a 99% chance—that the Fed will lower rates in September.

It’s not all about inflation, either: a surprisingly strong second-quarter earnings season is helping fuel the optimism. Earnings reports have slowed for a minute, but next week big retail names step up—so expect plenty of market buzz.

Looking ahead, tomorrow’s Producer Price Index (PPI) gives us another piece of the inflation puzzle, and all eyes are turning to the Fed’s annual Jackson Hole meeting (August 21–23) for clues on their next moves.

A big short squeeze pushed the whole market higher this afternoon, but interestingly, the Mag 7 stocks lagged most of the S&P 500.

Bond yields slipped, the dollar dropped below a key level, and gold managed just a modest gain despite all that.

Bitcoin’s on a tear again, topping $122,000—maybe finally ready to hit a new all-time high.

With so much optimism and momentum, is this rally just getting started, or will the upcoming data or Fed chatter throw another curveball at the market?

1. Moving the market

Stocks ripped higher right out of the gate after a cooler CPI print eased worries that tariffs would juice inflation and spoil the party.

Headline CPI came in at 2.7% year over year vs. 2.8% expected, and core was 3.1% vs. 3.0%—not perfect, but “good enough” for a relief rally. Rate-cut odds for next month ticked up, and traders are now leaning toward multiple cuts into year-end.

Tariff headlines are still buzzing, even with a 90-day pause on higher China levies, but the market basically shrugged.

A big short squeeze helped, with the Mag 7 and the rest of the S&P 500 actually moving together for once.

The dollar dumped on the CPI surprise, gold weirdly went nowhere, bond yields whipsawed (down on the print, then back toward flat), and Bitcoin inched higher without breaking out.

So, with inflation cooling just enough to calm nerves, is this the start of the next leg up—or do tariffs, valuations, and late-summer chop still have a say?

1. Moving the market

U.S. stocks barely budged today, with the major indexes hovering near record territory as traders gear up for an eventful week of inflation reports.

After the Nasdaq hit new highs and the S&P 500 flirted with another milestone last week, investors are in a holding pattern—breathing a little easier thanks to the bounce-back from the previous week’s jobs-related selloff.

A growing chorus believes the Fed might pivot to more aggressive rate cuts as the year goes on, fueling some optimism.

But beneath the surface, there’s plenty of handwringing about stretched valuations, a weakening economic outlook, lingering tariff drama, and the usual August market doldrums. Honestly, a touch of sideways action here wouldn’t be the worst thing.

All eyes are locked on the upcoming CPI and PPI numbers, since hotter-than-expected inflation could really shake up the Fed’s plans—and the CPI report will be the one to watch for big policy clues.

For now, the market finished up a tame, directionless session with a modest dip into the red, while the Mag7 stocks swung harder than most.

Bond yields barely moved, spot gold slipped after Trump clarified there’ll be no tariffs on the metal, and the dollar perked up but remains mired in a bear stretch.

Bitcoin had a brief spurt above $122,000 overnight before settling back toward $120,000 as the session wrapped up.

With everyone playing the waiting game ahead of these key inflation numbers—the question is are we on the verge of a breakout, or should we buckle up for more choppy trading ahead?