July inflation eased to a 3.4% annual pace with prices up 0.1% m/m, keeping the Fed in wait-and-see mode. Volatility eased into the release, with traders trimming September hike odds and rotating toward rate-sensitive and AI infrastructure names. The CPI momentum is driving both spot moves and derivatives positioning into September. Hormuz closure - oil volatility spikes as Iran demands remain Oil and the Strait of Hormuz are feeding directly into inflation expectations and market volatility. More on fortune.comCoreWeave doubles Q2 revenue - backlog swells to $104 billion AI infrastructure spending is colliding with power constraints, while investors continue to rotate through AI compute and cloud winners.