Good morning contrarians! Some positive earnings news overnight. Disney ($DIS) and Wynn ($WYNN) did enough to impress investors after yesterday’s close. Alibaba ($BABA) just now reported a solid beat of analyst estimates. All three stocks are moving higher in the pre-market.

The Consumer Price Index is the main event of the day. This will be out at 0830. Economists expect a 0.2% increase month-over-month to both headline and core CPI, the same as last month. This would actually raise the headline year-over-year CPI to 3.3% from 3% whilst the core would drop a small fraction, from 4.8% to 4.7%.

It’s possible this entire thing becomes a non event. For one, it’s likely to hit 0.2% square on the nose (or maybe miss by 0.1 ppt) given that economists have a good track record of predicting CPI prints. For another, there’s more inflation data before the next FOMC meeting on Sept. 26.

More on this in today’s briefing/podcast, available for premium subscribers here: