*Walter Bloomberg

RUSSIAN DEFENCE MINISTRY: RUSSIAN STRIKES VESSEL IN ODESA PORT - IFX

*JOSH KUSHNER, BOB IGER TO BUY LA LAKERS FOR OVER $12B: ESPN

$GOOGL - GOOGLE RAISES PRICES OF NEW PHONES ON 'SEVERE' MEMORY CRUNCH

$GOOGL - GOOGLE'S NEW PHONES ARE $100 MORE EXPENSIVE THAN LAST EDITIONS

YARDENI LIFTS S&P 500 TARGET TO 8,400 Ed Yardeni raised his S&P 500 target to 8,400 from 8,250, citing “fabulous earnings momentum.” He now expects 2026 S&P 500 earnings of $375, up from $330, as companies broadly beat forecasts. Yardeni sees the earnings-driven rally continuing and maintains his 10,000 target for 2029. He puts recession and bear-market risk at just 20%, viewing any major pullback as a buying opportunity.

CPI EASES PRESSURE ON FED TO HIKE July CPI came in close enough to expectations to reduce pressure on the Fed to raise rates in September, according to Nick Timiraos. The Fed has argued current rates are restrictive enough to bring inflation toward 2% without further hikes. But persistent tariffs, energy pressures and AI-driven demand for technology equipment and software are complicating that outlook. For now, the CPI report gives policymakers more room to hold rates steady.

WHEAT JUMPS AFTER RUSSIAN PORT STRIKE Wheat futures surged 2.4% after Ukrainian drones reportedly struck two grain terminals at Russia’s Novorossiysk port. The terminals handle roughly 15 million metric tons of grain exports annually, raising concerns over disruptions to Russian wheat shipments. The extent of the damage remains unclear, but analysts warn Russia could struggle to maintain normal export volumes. Corn rose 0.6%, while soybeans gained 0.3%.

🇳🇴NORWAY’S $2.3T FUND WARNS GAINS WON’T LAST Norway’s sovereign wealth fund posted a record $185 billion first-half profit, delivering a 12.95% return as semiconductor stocks surged. But CEO Nicolai Tangen warned investors not to expect similar returns ahead, citing geopolitical tensions, inflation and potential market weakness. His advice: stay invested, think long term and remain diversified. Tangen expects tougher markets ahead after years of exceptionally strong returns.

BURRY: BERKSHIRE HAS LOST ITS BUFFETT EDGE Michael Burry says Berkshire Hathaway is no longer attractive under CEO Greg Abel, questioning his capital-allocation discipline. Burry argues Abel is deploying cash too aggressively in an expensive market instead of waiting for Buffett-style “fat pitches.” Berkshire spent heavily on buybacks, equities and acquisitions, reducing its cash pile. Others disagree, arguing Abel remains disciplined and Berkshire’s strong balance sheet, earnings growth and cash deployment continue to support the investment case.

UKRAINE'S CAMPAIGN TO STIR UP CHAOS IN FOOD MARKETS SERVES INTERESTS OF A NUMBER OF WESTERN COUNTRIES - TASS CITES RUSSIAN FORMIN

CRYPTO CLIMBS AFTER CPI Cryptocurrencies moved higher after July CPI matched expectations, easing inflation concerns. Bitcoin rose 0.6% to $64,051, Ethereum gained 1.5% to $1,909, Solana added 0.8%, and XRP rose 0.2%. While CPI provided support, analysts say the bigger driver remains institutional money flowing into crypto ETFs, alongside growing adoption of blockchain-based settlement systems.

IRAN DENIES CEASEFIRE EXTENSION TALKS Iran says there have been no talks to extend a 60-day ceasefire with the U.S., rejecting reports that an agreement had been reached. A senior Iranian source told Reuters that discussions via mediators instead focus on Washington returning to the interim pact and setting a timeline for its commitments. Iran says no progress has been made, accusing the U.S. of violating the agreement shortly after it was signed. The Strait of Hormuz remains a key sticking point.

HORMUZ TRAFFIC REMAINS NEAR A STANDSTILL Only 14 vessels crossed the Strait of Hormuz on Tuesday, according to Kpler, despite Trump declaring the waterway “open.” That remains far below the roughly 120 vessels per day seen before the war. Of those 14 ships, 11 used the Iranian-approved route, while none used the traditional central passage. Kpler says the modest traffic increase does not signal normalization, keeping pressure on global oil supplies.

SEPTEMBER FED HIKE LOOKS UNLIKELY Baird’s Ross Mayfield says softer core inflation and limited wage pressure strengthen the case for the Fed to hold rates steady in September. He sees those trends as the “bedrock” for a pause, reducing the likelihood of another rate hike at the next meeting.

ENERGY COULD REIGNITE INFLATION IN AUGUST Falling energy prices helped cool July inflation, with gasoline down 2.9% M/M and fuel oil falling 1.7%. But that relief may be temporary. Rising crude prices and strong refining margins are already pushing fuel costs higher. U.S. gasoline now averages $4.03 per gallon, up from $3.87 a month ago, suggesting energy could put renewed upward pressure on August inflation.

GOLDMAN: JULY CPI SUPPORTS SEPTEMBER HOLD Goldman Sachs Asset Management called July CPI “encouraging,” saying contained core inflation strengthens the case for the Fed to hold rates steady in September. Lindsay Rosner said the report adds to signs that underlying inflation is moderating. However, another inflation report is due before the September FOMC meeting, meaning the outlook could still shift. For now, the in-line CPI print supports a Fed pause.

SPOT GOLD PARES GAINS AFTER US CPI DATA, LAST UP 0.5% AT $4,388.89/OZ

*US JULY CONSUMER PRICES RISE 0.1% M/M; EST. +0.1% *US JULY CONSUMER PRICES RISE 3.4% Y/Y; EST. +3.4% *US JULY CORE CPI RISES 0.2% M/M; EST. +0.2% *US JULY CORE CPI RISES 2.5% Y/Y; EST. +2.5%

RECENT SAUDI RED SEA CRUDE LOADINGS DONE WITH SHIP TRACKING TURNED OFF AS YEMEN'S HOUTHIS LAUNCH MORE ATTACKS, DATA SHOWS

U.S. JULY CPI DUE 8:30 A.M. ET

AP EXCLUSIVE: ICE PLANS TO GIVE OFFICERS GLOVES THAT CAN DELIVER PAINFUL ELECTRIC SHOCKS ICE plans to spend up to $20 million on thousands of gloves capable of delivering painful electric shocks to combative individuals, according to the AP. The devices, called G.L.O.V.E., are designed to gain compliance and have already been used by some U.S. police departments and jails. ICE aims to equip officers by March, with a potential no-bid contract solicitation expected as early as Friday.

WALL STREET’S JULY CPI FORECASTS 🔸Citi: Core 0.16% M/M, 2.4% Y/Y | Headline 0.0% M/M, 3.3% Y/Y 🔸Goldman Sachs: Core 0.19% M/M, 2.47% Y/Y | Headline 0.05% M/M, 3.35% Y/Y 🔸Nomura: Core 0.18% M/M, 2.43% Y/Y | Headline 0.10% M/M, 3.39% Y/Y 🔸BofA: Core 0.20% M/M, 2.5% Y/Y | Headline 0.1% M/M, 3.4% Y/Y 🔸SocGen: Core 0.22% M/M, 2.5% Y/Y | Headline 0.17% M/M, 3.4% Y/Y 🔸Barclays: Core 0.24% M/M, 2.5% Y/Y | Headline 0.16% M/M, 3.4% Y/Y 🔸Morgan Stanley: Core 0.24% M/M, 2.5% Y/Y | Headline 0.10% M/M, 3.4% Y/Y 🔸Wells Fargo: Core 0.24% M/M, 2.5% Y/Y | Headline 0.13% M/M, 3.4% Y/Y 🔸UBS: Core 0.24% M/M, 2.50% Y/Y | Headline 0.11% M/M, 3.39% Y/Y

🚨 U.S. CPI DAY: WALL STREET VS. THE MARKET 🏦 Wall Street headline CPI forecasts: 🔸Kalshi: 3.30% 🔸Citi: 3.30% 🔸Goldman Sachs: 3.35% 🔸UBS: 3.39% 🔸BofA: 3.40% 🔸SocGen: 3.40% 🔸Barclays: 3.40% 🔸Morgan Stanley: 3.40% 🔸Wells Fargo: 3.40% A print above or below this narrow range could trigger a sharp market reaction. kalshi.com/markets/kxcpiyoy/in…

IRAN FLOATS PROLONGING WAR UNTIL TRUMP LEAVES Iran could prolong its war with the U.S. until Trump leaves office to impose costs and strengthen deterrence, senior IRGC adviser Mohammad Reza Naqdi said. Naqdi claimed Iran is winning, while accusing Washington of lacking a clear strategy. He said the longer the conflict continues, the more Iran learns about fighting U.S. forces. Naqdi also claimed Iran is producing missiles faster than it is using them.

$SPCX - NORGES BANK REPORTS SHARE STAKE OF 7.3 MLN CLASS A SHARES IN SPACEX - SEC FILING