Hot PPI jolts markets, Bitcoin hits record before pullback

US stock futures fell after July’s Producer Price Index showed the sharpest wholesale inflation jump in three years, driven by higher service costs. The data complicates Fed rate-cut expectations as markets still price in a September move. Bitcoin touched $124K before slipping, while ethereum and Solana also traded near records on growing institutional adoption. Earnings movers included Deere (DE), which went down after cutting its outlook, Tapestry (TPR) on tariff-hit profit guidance, and Birkenstock (BIRK) on strong pricing power.

Takeaways:

• PPI data fuels inflation concerns, clouds Fed’s September path

• Crypto rally pauses after bitcoin’s record high

• Deere, Tapestry, Birkenstock in focus on earnings and tariff impacts

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