Futures / tone: U.S. futures are pointing to a mixed-to-slightly-positive open after this morning’s inflation data. S&P 500 futures are modestly positive, Dow futures are outperforming, while Nasdaq futures are lagging as higher Treasury yields pressure growth/tech. Reddit
8:30 a.m. catalyst: July headline PPI was unchanged m/m vs. +0.2% expected, while core PPI was +0.2% vs. +0.3% expected. Initial jobless claims were 209K vs. 204K expected. The softer inflation numbers are supportive for equities, but rising yields are tempering the Nasdaq response. Reddit
Premarket movers: Cisco is down roughly 6% after earnings, while Cerebras is down about 18%. Hubbell and MACOM are among notable gainers, roughly +7% and +6%, respectively. Reddit
Mega-cap tech: Alphabet, Meta Platforms and Amazon are modestly green premarket, while Tesla is approximately flat. Reddit
Earnings catalyst: Watch Applied Materials after today’s close. Its report should provide another read on semiconductor/AI infrastructure spending. Reddit
