This week's inflation data further complicates things for the Fed in terms of cutting interest rates. Read more here.

The CME Group’s FedWatch Tool places the chance of a .25 rate cut in September at 86.4%. If this week’s July CPI report comes above the June pace of 2.72% year over year, the cost of essentials like groceries, gas, and rent will remain stubbornly high.

With the job market faltering and consumer prices not surging as expected, investors increasingly believe the Federal Reserve is about to cut interest rates to boost the economy.