This live blog is being updated periodically. Check back throughout the day for market updates. 

Good morning. Futures are flat for the moment as investors await the July inflation report. It’s out at 8:30 a.m. ET and it’s sure to be a market mover.

For the moment, futures are modestly higher, led by the Russell 2000. In recent days, the growth cap index has led the pack in futures, only to cede its gains after the bell rings. It’s followed by the Dow (+0.18%), S&P 500 (+0.12%), and Nasdaq (+0.10%).

Update: 3:30 a.m. ET

A.M. Earnings: Sea, Cardinal Health, On Holding

There are 153 earnings reports set for today, per TipRanks, with at least 49 of them slated for this morning. 

Among them are Singapore-based Sea  (SE) , health services company Cardinal Health  (CAH) , and Tencent Music Entertainment  (TME) .

Here are some of the top reports on the docket today, arranged by market cap:

A.M. Earnings (Aug. 12, 2025)

Economic Data: Key Inflation Data Incoming

However, arguably bigger than any one earnings report this morning, investors will be bracing for fresh inflation data. In particular, analysts are looking for signs that inflation is accelerating, a product of higher tariff rates on imports.

Here’s what is on the docket for economic data today, per TradingEconomics. Estimates are based on the consensus tabulated by the platform.

6:00 a.m. ET

NFIB Business Optimism Index (Prev: 98.6) (Expected: 98.6)

8:30 a.m. ET

• July Core Inflation Rate (Prev: +2.9% YoY) (Exp: +3% YoY)
• July Inflation Rate (Prev: +2.7% YoY) (Exp: +2.8% YoY)

10:00 a.m. ET

• Richmond Fed Bank President Tom Barkin is set to speak

10:30 a.m. ET

• Kansas City Fed Bank President Jeffrey Schmid is set to speak

2:00 p.m. ET

• July U.S. Government Budget Statement is due (Prev: +$27 billion) (Exp: -$140 billion)

The inflation data, which is prepared and published by the Bureau of Labor Statistics (BLS), is bound to be the day’s biggest market-mover. The authenticity of the results themselves will also be a topic of serious consideration, in part because of the controversy surrounding the agency in recent weeks. 

Two weeks ago, President Donald Trump fired Dr. Erika McEntarfer, the Commissioner of the BLS, criticizing recent jobs numbers as “wrong.” 

In her stead, Trump has nominated conservative loyalist E.J. Antoni, the chief economist of the Heritage Foundation, a move which could exacerbate rising distrust of hard economic data from the federal government. The move means politicizing information which is used by the Fed, businesses, and households to make economic decisions.