Markets Rally as July CPI Lands on Target

Macro Sets the Tone

July CPI came in line with expectations this morning. That was enough. S&P 500, Dow, and Nasdaq futures all moved higher on the print. Inflation fears eased. Rate cut hopes stayed alive. The data is the biggest macro story of the day, giving bulls a clear green light heading into a busy earnings afternoon.

Earnings in Focus

Cisco Systems reports Q4 2026 numbers after the close today. The networking giant sits at the heart of the AI infrastructure build-out. Its guidance will set the tone for tech into the weekend. Applied Materials follows tomorrow — a key read on semiconductor equipment demand. On Holding already reported, and analysts are cutting forecasts after Q2 missed the bar. The Swiss sportswear brand had been a market darling. That story has cooled.

AI Names Stay Hot

CoreWeave, Nebius Group, Lumentum, and Super Micro are all in focus today. Analyst targets on both LITE and SMCI were raised this week. SMCI carries 17.4% short interest — bears are still betting against it even as Wall Street lifts its price target.

Short Interest Moves

Legend Biotech saw short interest surge 22% in one week to 11% of free float. Availability collapsed 56% to just 24% — a sign shorts are crowding in fast. On the other side, Smithfield Foods saw short interest plummet 23% in a week to just 1.2% of float, with availability jumping to 714%.

Corporate Action

Activist investor Ancora is now reportedly seeking to buy H.B. Fuller's adhesives unit. The move adds pressure on the specialty chemicals group and follows broader activist momentum seen across industrials this year.