Microsoft (MSFT) is up more than +1% after UBS upgraded the stock to buy from neutral, saying cloud infrastructure spending is starting to stabilize after significant deceleration over the past year. Positive inflation news is bullish for stocks after the U.S. Jun import price index ex-petroleum fell -0.3% m/m, a slightly larger decline than expectations of -0.2% m/m. Sep T-notes today are under pressure from hawkish comments Thursday evening from Fed Governor Waller, who said he sees two more 25 bp rate hikes this year.