Crude oil hits 8-session low on easing geopolitical risk.

Bob Iaccino breaks down the morning's market action, highlighting a slight bounce in U.S. equities led by Nasdaq futures. Crude oil falls to an eight-session low, breaking below $82 per barrel as traders price out geopolitical risk from recent U.S. sanctions on Iran and weigh softer Chinese demand. Looking ahead, focus shifts to the upcoming July PCE inflation data, where the market will look for any signs of reaccelerating inflation that might influence expectations for another Federal Reserve rate hike. The market also prepares for a slate of corporate earnings alongside crucial economic reports, including durable goods orders and the latest Q2 GDP estimate.