A key official in the Trump administration's economic team touted the July CPI inflation report as evidence that tariff-induced inflation isn't going to materialize as economists fear.

The S&P 500 was little changed in early trading Monday and flirting with its all-time high set two weeks ago. The Dow Jones Industrial Average was up 39 points, and composite was down 0.2%, coming off its own record.

Wall Street took the postponement of the U.S.-China tariff deadline in stride and refocused on inflation numbers arriving Tuesday that may play an outsized roll in the decision by the Federal Reserve about weather to cut rates,