The Latest Breaking News from Jerome Powell

Small caps and much of the market soared on tame CPI inflation data, while the extended Nasdaq sold off.

The Federal Reserve is likely to cut rates at least twice this year. S&P 500 futures were flat after producer price index data.

September S&P 500 E-Mini futures (ESU24) and September Nasdaq 100 E-Mini futures (NQU24) reversed earlier losses this morning as a crucial U.S. inflation reading came in cooler than expected, clearing the way for Federal Reserve interest rate cuts later this year.

Consumer price index data in June looks positive for the Federal Reserve rate-cut outlook. The S&P 500 is trying to extend a seven-session winning streak.

Insightful update on U.S. inflation: mild increases expected, cautious optimism from Federal Reserve, and challenges in essential expenses and job market.

Stocks could face a stern test to their longest winning streak in three years with today's June inflation report.

September S&P 500 E-Mini futures (ESU24) are down -0.09%, and September Nasdaq 100 E-Mini futures (NQU24) are down -0.10% this morning as market participants refrained from making any big bets ahead of a crucial U.S. inflation reading that could solidify expectations for Federal Reserve interest rate cuts later this year.

The advances also saw Hong Kong and Shanghai push higher after struggling in recent weeks over worries about the Chinese economy, with investors awaiting a key Communist Party meeting next week.

Asian shares have carried on with the blistering rally on Wall Street, as Japan's Nikkei 225 index surged over 42,000 for the first time