US stocks were on pace for record closes as Wall Street's attention turned from an upbeat day marked by renewed AI fervor to the next tranche of critical economic data.

Urban American consumers are paying more for good and services while more are out of work, according to the U.S. Bureau of Labor Statistics.

With August data for both the CPI and the producer price index proving fairly soft for August, economists expect the Fed’s preferred inflation gauge to remain unchanged at the next reading. Economists for Citi expect that the core personal consumption expenditures price index will increase 0.

Treasury yields were falling Thursday after a fresh reading from the consumer-price index showed core inflation rose last month in line with expectations. The yield on the 10-year Treasury note was down about 4 basis points at around 4.

The Consumer Price Index rose 0.4% M/M in August, topping the +0.3% consensus and accelerating from +0.2% in July, according to data released by the Bureau of Labor Statistics on Thursday.

The latest PPI report showed inflation is largely a non-issue at the moment, but today's CPI report could impact Federal Reserve rate cut decisions and stock market trends. Stocks largely got a boost yesterday from Oracle's earnings report,

Measuring inflation takes resources, but both the public and the U.S. government itself benefit from having an accurate read on price changes.

While Bitcoin rebounded since its $108,000 lows, ETH-USD is still trying to regain upside momentum. Consolidating above $4400 could provide the necessary boost for an upside breakout.

Inflation continued to crunch budgets in August as tariffs pushed up prices on groceries and other household items.

CPI rose 0.4% month-over-month (MoM) in August, against the expected 0.3%. In August, Core CPI rose 3.1% YoY as per expectations. The figure rose 0.3% MoM as expected. The CPI data is the most common metric to measure inflation.