The consumer price index rose 0.2% in July, compared to the 0.1% increase in June, but investors are more focused on Turkey's economic woes.

That's the assessment from Matthew Cheslock, an equity trader with Virtu Financial, based on the floor of the New York Stock Exchange. 

"That's not moving the market at all," Cheslock said, adding that the consumer price index isn't the Federal Reserve's preferred inflation gauge and the increase wasn't large enough to warrant a market reaction.