All Eyes On CPI: The S&P 500 and Nasdaq were up over 67 points and 256 points, respectively, Wednesday in reaction to July’s CPI number, the Consumer Price Index.

CPI rose 8.5% year over year in July. The consensus estimate is 8.7% year-over-year inflation, compared to 9.1% for June. 

A slowing inflation picture to many indicates that the Federal Reserve will likely be less aggressive in raising interest rates, which will provide support for the economy, and by extension stocks.  

CoinFlip CEO Ben Weiss thinks that Coinbase’s stock could potentially have upside from here. 

“The crypto market has seen a lot of volatility, deleveraging, and downward pressure on crypto asset price,” Weiss said. "I feel that the market is conflating the performance of crypto assets with the companies in the crypto ecosystem, and therefore the reduction in Coinbase stock price is possibly an overcorrection."

Photo: Courtesy of RosieTulips on flickr