Easing inflation pressures, Cerebras earnings, falling Hormuz traffic and more in Morning Squawk

Happy Thursday. "Euro summer" might have cost some travelers a pretty penny this week: Hotel and short-term rental prices surged around yesterday's rare solar eclipse.

Stock futures are slightly higher this morning after a mixed session for Wall Street.

Here are five key things investors need to know to start the trading day:

While the headline reading of yesterday's consumer price ticked modestly higher in July, the pace of annual growth cooled slightly. That was seen as good news for the Federal Reserve , leading traders to reduce wagers that the central bank will hike rates in September.

Despite raising full-year guidance, Cerebras issued worse-than-expected revenue for the second quarter. Investors sent shares of the chipmaker plunging 15% in extended trading.

CEO Andrew Feldman told CNBC that artificial intelligence demand is "through the roof" and that firms are willing to pay for Cerebras' specialty inference chips. Feldman said that gross margins are growing given that fast inference "is priced at a premium."

Meanwhile, Cisco beat Wall Street's expectations on both lines and gave a rosy revenue forecast. Still, shares slipped 5.9% before the bell.

A media outlet and non-profit group are taking President Donald Trump to court. Their focus: The Truth API service recently rolled out by Trump Media & Technology Group .

In the suit, The Intercept Media and the Freedom of the Press Association slam Truth API — which allows faster access to posts on Truth Social for paid users —as "extraordinary, corrupt, and unconstitutional." Interim Trump Media CEO Kevin McGurn said this week that it has inked more than 10 customer agreements for the API in a cost range of between $60,000 and $100,000 a month.

Truth API is one of several variables worrying advocates of retail investors . They are fearful that the service, along with potential changes to corporate earnings and Fed communication, could leave small traders in the dark.

CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.

Meanwhile, a pair of prominent Democrats is pushing Trump for clarity on his investments.

In a letter obtained by CNBC, Massachusetts Sen. Elizabeth Warren and California Rep. Robert Garcia asked Trump to disclose the money managers that he says manage his holdings. They also asked for information on Trump's involvement in or awareness of trades that can potentially overlap with his government role.

As CNBC's Kevin Breuninger notes, the letter provides a view into how Democrats are readying to investigate Trump if they can regain even partial control of Congress following the November elections. Trump told CNBC last month that he doesn't talk to the funds that manage his fortune.

Big news for Los Angeles Lakers fans: Mark Walter sold his majority equity to Joshua Kushner and Bob Iger. The deal places the team's value at $12.5 billion, according to a source familiar with the matter.

Walter's sale comes less than a year after he purchased the controlling stake. When Walter acquired the Lakers, the team had a valuation of $10 billion.

Walter is also part of a group of investors who owns the Los Angeles Sparks in the WNBA. However, his sale only includes the Lakers stake, the source said.

Ship traffic in the Strait of Hormuz has fallen near three-month lows amid continued tensions between the U.S. and Iran. Here's where transit volume has sat during the conflict:

— CNBC's Jeff Cox, Fred Imbert, Kif Leswing, Ari Levy, Kevin Breuninger, Alex Sherman, Jessica Golden, Spencer Kimball and Deena Zaidi contributed to this report.

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