Bulls have the upper hand into US CPI

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Markets remain in a bullish mood after the latest US PPI report signaled easing price pressures in August. Yields slipped, the S&P 500 hit new highs, and AI stocks stole the spotlight — Oracle soared on a massive OpenAI deal, Nvidia gained on strong TSMC sales, while CoreWeave rallied nearly 17%. But not every tech name is thriving: Synopsys plunged, reminding investors that trade war risks are far from gone.
Now, all eyes turn to today’s US CPI release. A softer print could revive talk of a jumbo Fed cut, while stronger numbers may reinforce a slower pace of easing. Options markets see a modest move compared with typical CPI days, underscoring that jobs data is becoming the bigger driver of Fed policy.
Meanwhile, investors shrug off French political turmoil and Japan’s leadership change — but geopolitics still matter, as tensions rise after Russian drones entered Poland.
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