Midday Need To Know: CPI cools, Burry slams Nvidia and more

Wall Street advanced modestly after July CPI came in largely in line with expectations, easing some pressure on rate-hike fears. Headline CPI slowed to 3.4% year over year from 3.5%, while core CPI remained sticky at 2.5% year over year, keeping the Fed’s inflation fight incomplete. Markets interpreted the report as reducing the odds of an immediate policy tightening move, with September hike probability slipping to 42.1%. The article also highlighted Nvidia’s $500B AI infrastructure financing deal, which drew a sharp warning from Michael Burry over potential systemic-risk and accounting concerns, adding a bearish overhang to NVDA. Separately, tensions in the Strait of Hormuz raised oil supply risk, supporting energy-market vigilance, while Home Depot’s CEO took a temporary medical leave, introducing a near-term leadership uncertainty but limited immediate market impact. Overall, the tone was mixed to mildly bullish for equities, with softer inflation data offset by geopolitical and company-specific risks.