Keep an eye out for the Labor Department’s release of this month’s Producer Price Index tomorrow. As with Tuesday’s Consumer Price Index, PPI will be looked at as guidance for the Federal Reserve as it approaches its September 16-17 meeting. The report shows the cost of wholesale goods and services and reflects what companies pay for supplies such as grains, fuel, metals, lumber, packaging and so forth. On Friday, the Census Bureau will release its latest Retail Sales numbers. Both reports come out at 7:30 A.M., Central Time

Also on Friday and potentially market moving across some asset classes, The president Trump will meet his Russian counterpart in Alaska to discuss ending the conflict between Moscow and Kyiv which is now well into its third year,

Indexes:

Stock index futures climbed today with the front month E-mini S&P 500 and E-mini Nasdaq Composite notching back-to-back record highs as investors bet almost unanimously on a Federal Reserve rate cut at its next meeting following Tuesday’s inflation data. Though the data from the Labor Department’s Consumer Price Index showed inflation had ticked up, it increased less than expected. The September E-mini Dow Jones is once again within striking distance of an all-time high last reached in December.

Energy:

U.S. crude oil inventories rose last week as domestic production and imports increased, while product stocks were mixed, according to data released today by the U.S. Energy Information Administration. Commercial crude oil stocks excluding the Strategic Petroleum Reserve increased by 3 million barrels to 426.7 million barrels. Analysts predicted crude stockpiles would fall by 1 million barrels. As a result, September crude oil traded below $62/barrel intraday, its ninth lower daily price decline in ten trading sessions and a 2-month low.

After dropping to a new intraday eight-month low early in the session, September natural gas futures edged up today. On Tuesday, the contract closed at its lowest since November 14. The U.S. National Hurricane Center projected Tropical Storm Erin will strengthen into a major hurricane as it moves west across the Atlantic Ocean toward the Bahamas by early next week. The approach could negatively affect U.S. East Coast demand and further pressure prices.