What you need to know… The S&P 500 Index ($SPX) (SPY) today is up +0.34%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.45%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.91%. 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. 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.