Tech Rally Meets July PPI Test as Small Caps Try to Join In
Equities are threading a two-day inflation needle this week, and the stitching so far looks clean. Wednesday's July CPI print came in soft (headline up 0.1% month over month, core up 0.2%, with the annual rate easing to 3.4% from 3.5%), and the market used the room to extend an AI-earnings-led rally into Thursday. Technology is doing the heavy lifting again, XLK up 1.49% on the day, but the more interesting story sits one layer down: small caps are showing the first real signs of catching a bid, and today's 8:30am ET July PPI print carries genuinely conflicting consensus estimates across data providers. That is the setup heading into Applied Materials' after-the-close report, the session's c…
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