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The U.S. Dollar price moved lower today below the $100 level. Over the last month, there has been an accumulation of short betting. How is the U.S. Dollar impacted by this week's inflation data like the CPI and PPI? Other currencies are playing catchup. Federal Reserve's Waller called for two more interest rate increases. Scott Bauer says that the market is relying on being close to the terminal rate.

The economy is currently complex and a mixed picture, notes Cheryl Smith. She discusses how major indices are on track for a winning week. She talks about the headline CPI is bouncing around but is trending down. She goes over how leading economic indicators are forecasting a recession with high probability which will happen slowly until it happens all at once. She also looks at negative signs in a strong labor market. She previews the next FOMC meeting, highlighting the CME FedWatch Tool. She then mentions how futures are mixed as big banks kick earnings season into gear. Tune in to find out more about the stock market today.

Improving breadth is healthy development but sentiment has gotten a bit frothy, notes Liz Ann Sonders. She discusses the Consumer Price Index for June 2023. CPI month-over-month came in a 0.2% versus an estimated 0.3% and a prior 0.1%. She talks about tomorrow's notable premarket earnings include JPMorgan (JPM), Citigroup (C), Wells Fargo (WFC), and United Healthcare (UNH). She also goes over how some give-back might come near-term. She continues to be sector-neutral and think investors should not in monolithically. She previews the next FOMC meeting which will take place July 25-26. In terms of earnings, investors should focus as much on revenue growth and profit margins as the earnings beats or misses, she highlights. Tune in to find out more about the stock market today.

The crude oil price is back up to $76 today due to a technical momentum, short covering, and easing inflation pressures. On the demand side, refinery runs are strong and OPEC+ production cuts are coming through. Matt Smith weighs in on a weaker U.S. Dollar impact on energy prices, as well as headwinds coming from China. Also, OPEC sees stronger oil demand in 2024.

The CPI or Consumer Price Index data came in lower than expected, which is good news for risk assets like the equity market. Will this have an effect on the upcoming Federal Reserve meeting? Bob Iaccino says that this is still rising prices. Inflation is easing, but still above targeted levels. When there is an increased gap between actual wages and real wages, that will worry the Fed.

Goldman Sachs raised Nvidia's (NVDA) price target to $495 from $440. The analyst notes that NVVDA is a "key enabler for traditional A.I." and there is "significant runaway" for the chipmaker's data center business. NVDA is up over 190% year-to-date. Additionally, Jefferies raised its price target on Tesla (TSLA) to $256 from $185 and keeps its buy rating. The analyst highlights that 2Q will be a trough in a auto gross margin. It suggests a shift in valuation drivers with TSLA's early focus on AI-based autonomy "standing out." TSLA is up 122% year-to-date. Renita Young weighs in on NVDA and TSLA. Tune in to find out more about the stock market today.