Good morning!

After last Friday's weak jobs report for August, Wall Street is looking ahead to key inflation reports this week and still counting on a rate cut from the Fed at its upcoming September meeting. Here's what's happening ...

• While this is not a big week for earnings reports, there are a handful of companies worth paying attention to. This morning, numbers are due from Oracle, Synopsys, and everyone's favorite meme stock, GameStop, followed Wednesday by Chinese EV giant BYD, Chewy, and Daktronics. Thursday earnings are due from Adobe, Kroger, and upscale furniture company RH, followed by a relatively quiet Friday. *

• It’s a big week for inflation watchers. The Bureau of Labor Statistics drops the August CPI (Consumer Price Index) on Thursday, and expectations are pretty steady: Core CPI is projected to rise 0.3% month-over-month, same as July, keeping the annual rate at 3.1%. Headline CPI is also expected to tick up 0.3%, a notch higher than last month’s 0.2%, which would lift the annual rate to 2.9%. Markets are still leaning toward a 25-basis-point rate cut from the Fed, but a hotter-than-expected CPI could throw a wrench in those plans. Before that, we’ll get a sneak peek from the PPI (Producer Price Index) on Wednesday, which is also expected to show a 0.3% monthly gain. Think of it as the appetizer before Thursday’s main course — and traders will be watching both closely for clues on the Fed’s next move. **

• Apple’s flagship product event today at Apple Park is set to showcase the new iPhone 17, updated Apple Watches, and refreshed AirPods, Apple TV, and iPad Pro. The goal: reinforce its lead against rivals like Samsung, Google, Huawei, and Xiaomi. While the hardware lineup looks strong, the lack of major AI announcements may leave some investors wanting more. Apple shares rose 3.3% for the week and are up 42% since April, but remain down 4.2% year-to-date despite a $3.55 trillion market cap. ***

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