S&P futures vs fair value: -6.7. Nasdaq futures vs fair value: -10.3.

Total CPI rose just 0.1% (consensus 0.1%) in July, the smallest rise since January. The more closely-watched core rate rose 0.2%, also matching economists' forecasts and leaving the year/year rate at 2.2%. That's closer to the Fed's "comfort zone" and will at worst keep policy makers on hold with any tightening efforts for the time being. The NY Empire State Index fell to 25.1 (consensus 19.0) in August from 26.5 in July, but still reflects healthy manufacturing conditions. Both the S&P 500 and Nasdaq 100 futures are trading higher than they were 30 minutes ago but still languish below fair value and have actually pulled back in response to the data as credit concerns continue to overshadow everything.