Consumer inflation getting hotter but not too hot yet 

rose 3.4 percent in June, year over year, its biggest increase in 6쩍 years.

Keon said stocks held up well Wednesday in the face of new trade headlines, with the U.S. threatening tariffs on $200 billion in Chinese goods. “It’s an interesting day in the sense we clearly had some negative news on the trade front,” he said. “Not a huge reaction.”

The S&P 500 closed at 2,774 down 19 on Wednesday.

“Holding between 2,755 to 2,765 will show some commitment to the recent quick, strong move we’ve seen in the past week,” said Scott Redler, partner with T3Live.com. “If that were to hold, we could finally take out 2,800. The next headline everyone is waiting to see is what does Beijing do. Do they talk or is it tit-for-tat? Tit-for-tat makes for choppy trading.”

CPI data will be released at 8:30 a.m. ET, as will initial claims data.

source : www.cnbc.com