Why Tomorrow Could Be a Huge Day for the Stock Market

Early each month, the U.S. Bureau of Labor Statistics (BLS) releases the latest data for the Consumer Price Index (CPI), a benchmark tracking the price movement on a wide range of goods and services that people use every day. Investors monitor the CPI to gauge the current state of inflation, which has been at a 40-year high for most of the year and resulted in aggressive interest rate hikes by the Federal Reserve, which is trying to rein in the high prices currently plaguing the country. On Wednesday, BLS will release the data for how the CPI trended in July.