July's Producer Price Index (PPI) came out below economists' forecasts, rising by 0.1% month-over-month and 2.2% year-over-year. Oppenheimer chief investment strategist John Stoltzfus joins Morning Brief to break down the state of the market (^DJI, ^IXIC, ^GSPC) and discuss how July's inflation print could weigh on the Federal Reserve's interest rate decision in September.

"When we look at this, it's positive for equities. It releases some of the dark sentiment that had gripped it over the course of the start of this month. We can't help but think that this gives the Federal Reserve opportunity to begin cutting rates," Stoltzfus says. He anticipates 25-basis-point cuts to occur in September and after the election in November.

As the market faced intense volatility last week, Stoltzfus explains "turbulence is always potential for the market."

"Any time bear skeptics or nervous investors sense that there's a catalyst out there to take some profits, bits of bull market, without FOMO, they're going to take it. And everybody jumps on the drama," Stoltzfus tells Yahoo Finance. He notes that volatility could present opportunities to buy low and further diversify your portfolio. In addition, he explains that volatility during the end of a Fed funds hike cycle is "not abnormal," and does not signal the start of a recession.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Melanie Riehl