A.M. Update

S&P futures are up 0.4%, knee jerking higher from pretty much flat levels on the CPI report. M.Small cap Russell 2000 futures are up 1%, benefiting the most from the CPI report. Total CPI was up 0.2% month-over-month in July (consensus: 0.2%) following a 0.3% increase in June. That left total CPI up 2.7% year-over-year…