S&P 500 opens at record high as Dow and NASDAQ climb after CPI data

US stock futures rise as traders brace for July inflation data

July CPI (Aug 12) drives Fed's September rate decision; inflation cooled from 4.2% to 3.5% (June), but markets price 44% rate-hike odds amid labor weakness and oil volatility. Below-trend inflation would deflate rate-hike odds and protect tech capex; above-expectations print could push Fed to raise rates, compressing M&A and enterprise budgets.