Stock Market Update

The stock market is on track for a slightly higher open this morning following Friday's record-breaking session for the Nasdaq Composite and ahead of tomorrow's July CPI report. 

Any opening gains in the Nasdaq Composite will result in a new record high, while the S&P 500 sits 0.6% below its all-time high of 6,427.02 and less than half a point below its all-time closing high of 6,389.77. 

This week's action is shaping up to include more macro drivers, with the anticipation of the July CPI release in focus.

Trade developments are also likely to move the market, as the U.S. and China have not yet announced an extension to the lower tariff deadline that expires tomorrow. Chinese trade officials initially told reporters that a 90-day truce was agreed upon, but an official announcement has yet to be made. 

Shares of Advanced Micro Devices (AMD 169.80, -2.96, -1.7%) and NVIDIA (NVDA 181.40, -1.34, -0.7%) are down in the premarket after it was announced that the companies will give 15% of their revenue from chip sales in China to the U.S. government.