Y'all Street Daily
Futures are firm ahead of the July inflation print, while crude's fourth straight gain keeps the Fed's rate path in focus.
Market Snapshot
Futures firmed overnight ahead of the 8:30 CPI release, with Nasdaq-100 contracts leading and the Dow close to flat.
Tuesday closed slightly lower across the three major indexes as traders trimmed risk into the data.
Oil kept grinding higher and the dollar edged up for a third straight day, both nudging the inflation outlook the wrong way.
Exxon rode the oil bid to a 4.4% gain, Intel slipped after expanding its stock sale to $20 billion, and Cisco eased ahead of its earnings after the close tonight.
Main Story
The market's whole posture today hinges on one number: July CPI at 8:30 ET.
Economists expect headline inflation to cool to around 3.4% from 3.5% and core to around 2.5%, with oil's Hormuz-driven surge the wildcard that could keep prices sticky.
The consensus read is that a soft print revives bets the Fed can hold or ease, while a hot one strengthens the case some officials are already making for another hike.
The quieter tell may be tomorrow's PPI, since crude near $84 shows up in wholesale prices well before it reaches the consumer basket.
Chart of the Day
WTI is trading around $83.82, up a fourth straight session after bottoming near $75.78 on August 6.
The climb reads like a steady supply-risk premium on the Hormuz standoff rather than a one-day panic bid.
Resistance sits around $85, and a clean break there opens the door toward the high $80s.
Technical Trading
A few levels worth marking before the open.
WTI faces resistance around $85.09, then a shelf toward $87.30 and $89.72 near the round $90 mark.
The 200-day sits near $79.50 and lines up with the 38.2% Fibonacci level at $79.37, now the first real support.
RSI is edging toward overbought as the four-session rally matures, so momentum favors buyers but looks stretched.
Global News
President Trump issued sweeping new demands on Iran, including compensation for conflict deaths, dimming hopes for a near-term Strait of Hormuz deal.
Crude extended its rally for a fourth straight session above $83, keeping a supply-risk premium locked into the inflation outlook.
July CPI lands at 8:30 ET, the clearest read yet on whether pricier oil is feeding through to consumers.
Intel expanded its AI-focused stock sale to $20 billion, priced at $95 a share, drawing fresh scrutiny to the scale of chip-sector fundraising.
Texas News
Higher crude has flipped the Permian's employment and rig trends back upward after months of decline, according to the Dallas Fed's energy survey.
Operators are adding activity but staying cautious, with executives warning the basin has little room for another million barrels a day near-term.
Looking Ahead
Wednesday, August 12: July CPI at 8:30 ET sets the tone, and Cisco reports after the close.
Thursday, August 13: July PPI follows, showing whether oil's climb is landing in wholesale prices first.
Friday, August 14: July retail sales round out the week with a read on how the consumer is holding up.
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Prices from Yahoo Finance, CNBC and The Rio Times. Technical levels from Investing.com and Barchart. News from Reuters, CNBC and Al Jazeera.
For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.