Dow Futures Up Over 200 Points After CPI Data

Stock futures rallied following this morning's soft inflation data. The consumer price index (CPI) rose 0.2% in July and 2.7% year-over-year, compared to estimates of a 2.8% annual rise. Core CPI increased by 3.1% year-over-year, slightly higher than the anticipated 3%. In response, CME's FedWatch tool is now projecting a 91% chance the Federal Reserve cuts rates at its September meeting. Futures on the Dow Jones Industrial Average (DJI) are up 223 points, while Nasdaq-100 Index (NDX) futures jump 105 points, and S&P 500 Index (SPX) futures sit just above fair value. 

Continue reading for more on today's market, including:

• Why the S&P 500 could still have momentum, per Schaeffer's Senior V.P. of Research Todd Salamone. 
• Options traders chime in as Alphabet stock lingers below highs. 
• Plus, 3 stocks moving after earnings today. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw over 2.1 million call contracts and more than 1.4 million put contracts traded on Friday. The single-session equity put/call ratio came in at 0.64, while the 21-day moving average stayed at 0.59.
2. On Holding AG (NYSE:ONON) stockis up 12.6% premarket, after the shoe retailer announced better-than-expected second-quarter results, including record sales, and lifted its full-year revenue despite Vietnam tariffs. After falling a ways from its late-May peak, ONON is down 16.5% year-to-date before today's price movement. 
3. Shares of AST SpaceMobile Inc (NASDAQ:ASTS) are brushing off disappointing second-quarter results, up 9.5% ahead of the open, after the company announced the launch of 45-60 satellites between now and the first quarter of 2026. Heading into today, the equity is already up 117.6% in 2025. 
4. Chemical stock Celanese Corp (NYSE:CE) is down 13.5% in electronic trading, brushing off strong second-quarter results, after a disappointing current-quarter forecast, with CEO Scott Richardson warning of weak demand. Mizuho cut its price target to $48 from $59 after the event. Year-to-date, CE is down 31.5%. 
5. Most of this week's economic data is scheduled for this Friday. 

Asian Markets Unpack Chip, Tariff Buzz

Asian markets finished mostly higher, led by Japan’s Nikkei, which surged 2.2% to a record high on strong results from SoftBank Group. Other markets saw more mixed results amid the news that U.S. tariffs on Chinese imports would be delayed at least 90 days, and that Nvidia (NVDA) and Advanced Micro Devices (AMD) could sell some chips to China if they paid 15% of related revenues to the U.S. government. Hong Kong’s Hang Seng added 0.3%, while China’s Shanghai Composite rose 0.5%. Elsewhere, South Korea’s Kospi slipped 0.5%. 

In Europe, markets are mixed. London’s FTSE 100 was last seen up 0.03%, after U.K. unemployment hit a four-year high. France’s CAC 40 is up 0.1%, while Germany’s DAX is down 0.5%.