With major indices aiming for a fourth straight day of gains, Carl Quintanilla and David Faber discussed market reaction to key economic reports: ADP data show jobs growth cooled in Julywhile Q2 GDP and PCE inflation gauge were revised lower - fueling investor hopes that the Fed could stand pat on interest rates in September. Trivariate Research founder Adam Parker offered his take on the markets,including Nvidia's post-earnings stock moves and the AI trade. Also in focus: Commerce Secretary Gina Raimondo spoke exclusively to CNBC about her visit to China, Hurricane Idalia makes landfall in Florida, Apple's September 12 product event, HP Inc. and Ambarella shares tumble. Squawk on the Street Disclaimer