• The Dow Jones failed to make meaningful headway on Tuesday.
• A trio of US data prints loom overhead throughout the week's back half.
• With hopes of a September rate cut pinned, traders will be hoping for easing data.

The Dow Jones Industrial Average (DJIA) went nowhere fast on Tuesday, sticking close to the day’s opening bids as investors shuffle their feet ahead of a hectic US data schedule in the back half of the trading week. Wednesday will be kicking things off with a fresh print of S&P Global Purchasing Managers Index (PMI) activity survey figures. Markets are expecting a lopsided print with a slight uptick in the Manufacturing PMI and a deceleration in the Services PMI component.

Thursday will follow up with an update to US quarterly Gross Domestic Product (GDP) in Q2. Friday will close out the trading week and the US data docket with Personal Consumption Expenditure Price Index (PCE) inflation figures.

With markets broadly pricing in a September rate cut as a sure thing, investors will be looking for softening data from the US, specifically a continued easing in PCE inflation. According to the CME’s FedWatch Tool, rate markets are pricing in nearly 100% odds of at least a quarter-point rate trim when the Federal Open Market Committee (FOMC) meets on September 18th.