So perhaps a "sell the news" scenario is in place for these companies on the first full day of Q2 earnings season, which is nothing to fear for longer-term market participants. Inflation Metrics Muted Elsewhere, a new Consumer Price Index (CPI) report this morning for June in unchanged, slightly under analysts' expectations. So while the pre-market appears cautious in trading right now, the mood may shift as it did during Yellen's testimony a couple days ago: that factors indicate a lesser likelihood of raised interest rates in the near future, which may again spring market buying to new highs.