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. 

 

More from Video

Why Jim Cramer Is Holding Off on Buying Nvidia Stock

Why Jim Cramer Is Holding Off on Buying Nvidia Stock

3 Things to Know at Market Close: Netflix, Chinese New Year, and KPMG

3 Things to Know at Market Close: Netflix, Chinese New Year, and KPMG

Stocks Are Walking a 'Tightrope' Right Now, and That's Good, Cramer Says

Stocks Are Walking a 'Tightrope' Right Now, and That's Good, Cramer Says

Why Jim Cramer Likes Cisco

Why Jim Cramer Likes Cisco

In Case You Missed It: Expect More Volatility, Netflix Down After Analyst Praise

In Case You Missed It: Expect More Volatility, Netflix Down After Analyst Praise