It's consumer price index day. Also, energy prices have been volatile and stocks are broadly winning.
Here is what's driving markets today:
Caught in the Fed zone: A meets-expectations CPI number this morning joined a hot producer price index and jobs number this month to mount rate hike pressures on the Federal Reserve. The FOMC will convene next week, and interest-rate futures place the odds of a September hike at 87%.
Diesel prices climb: The nationwide average price for a gallon of diesel topped $6. Higher domestic prices follow surging exports as global supply remains choked off by the Strait of Hormuz closure and Ukrainian attacks on Russian oil refineries. Oil prices fell more than 2.5% on news of talks between Iran and several Gulf states over opening the strait.
A broad rally is lifting markets: Major stock indexes are marching higher on tech gains and slipping oil prices. Every Magnificent Seven ticker is in the green. The tech-heavy Nasdaq Composite is up 1.3%. The S&P 500 and Dow industrials are up about 1%.