The stock market is expected to remain under pressure due to the increased odds of a recession. The Consumer Price Index (CPI) index rose 9.1% year-over-year in June, hitting a new high in more than 40 years.
The red-hot inflation data is expected to make the Federal Reserve even more aggressive in raising the benchmark interest rates. The Fed officials have signaled lifting interest rates by 75 basis points in its meeting next week.
