Stocks Edge Higher as Tame CPI Eases Rate Hike Fears

July CPI came in line — core at 2.5% y/y, the slowest since March 2021 — pushing September Fed hold odds to 62%. The S&P 500 rose 0.3% to within reach of its all-time high as AI infrastructure names dominated: CoreWeave +19% on a $104bn backlog, Super Micro +19% on strong FY27 guidance, Nebius +34% on a 514% jump in AI cloud sales. The Strait of Hormuz stalemate deepened as Iran signalled an "offensive doctrine," oil briefly touched $90, and gold hit a two-month high above $4,400/oz. A 10-year Treasury auction priced at the highest yield since 2007 while the U.S. budget deficit blew out to $1.8 trillion through July. On the ASX, CBA beat but slipped, Seek was crushed, and a heavy earnings day awaits with Telstra, IAG, Origin Energy, Transurban and more.Key topics: July CPI & Fed rate path | CoreWeave, Nebius & AI infrastructure earnings | Strait of Hormuz & Iran's military shift | US budget deficit approaching $40 trillion | ASX earnings: CBA, Seek, Suncorp recap + today's slate | S&P 500 valuations ex-AI gains | Critical minerals thematic preview