CPI prints today and the early read is benign, Cleveland Fed Nowcast's tracking around +0.09% MoM, which lands below the Street number however the math gets run. Tech got de-levered hard in July, so a soft print could kick off re-leveraging right back into it, likely accelerating into NVDA's earnings. Yesterday's AI earnings backed up the fundamentals across a few different read-throughs too, and institutional flows creeping back into tech isn't crazy if the number cooperates. Setup's soft-CPI-is-a-tailwind, hot print and all bets are off.
Aggregated and distilled by Two Sentence Traders. Not financial advice.