22V Research's Dennis DeBusschere says the right tail for equities has increased, citing a core inflation gauge running at 2.06% while headline CPI sits at 3.4%.

Crude rebounds and small caps outperform while megacap tech drags the Nasdaq lower, as traders brace for Wednesday's U.S. inflation print and even odds of a Fed hike.

The S&P 500 opened at a record high after July CPI data showed 3.4% year-over-year inflation, with the Dow and Nasdaq also climbing on rate-hike